Shares in Meta, the owner of Facebook, WhatsApp and Instagram, have fallen sharply after the company revealed it had raised its cost forecast for the current year. Investors sent the stock 10% lower in after-hours trading in New York when Meta's first-quarter results showed further bills were expected to fund new artificial intelligence products and the infrastructure behind them.
However, its low-range sum came in below market forecasts and analysts said that the company's view had contributed to the share price sell-off. A 10% reduction in the share price equated to lost market value of $125bn they said, as the values continued to fluctuate. The stock remains around 30% up on the year to date.
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