Meta Platforms Experiences Share Price Drop After Q1 Results
Meta Platforms (NASDAQ: META) saw a 9.8% decline in share price this week following its Q1 earnings release on April 29, despite the S&P 500 and Nasdaq Composite posting gains of 0.9% and 1.1%, respectively. The company’s earnings of $7.31 per share on revenue of $56.31 billion exceeded Wall Street estimates, which predicted $6.79 per share and $55.45 billion in revenue.
However, Meta faced challenges, with user engagement dropping to 3.56 billion users, a sequential decline attributed to internet disruptions in Iran and restricted access to WhatsApp in Russia. Additionally, the company’s updated capital expenditures target for the year increased from $115 billion to between $125 billion and $145 billion, raising investor concerns about its aggressive spending on artificial intelligence and growth initiatives.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
