Meta Platforms Faces Investor Discontent After Disappointing Earnings
Meta Platforms (NASDAQ: META) reported second-quarter earnings that fell short of Wall Street expectations, leading to a decline in its stock price. The company reported a free cash flow of just $784 million, a staggering 91% drop from over $8.5 billion a year prior. Furthermore, their revenue guidance for the current quarter also did not meet consensus estimates.
CEO Mark Zuckerberg highlighted ongoing investments in artificial intelligence (AI), with capital expenditures projected between $130 billion and $145 billion for the year. Despite these ambitious plans, investor skepticism remains, particularly following over $80 billion in operating losses from its Reality Labs division since late 2020.
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