BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home Uncategorized

Meta Stock Dumped 12% Due to Weak First Quarter Earnings: Bearish?

by Sham
April 24, 2024
in Uncategorized
Reading Time: 2 mins read
A A
1
SHARES
14
VIEWS
Share on XShare in TelegramShare on Reddit
  • Meta reported a 27% increase in revenue and profit more than doubled in the first quarter of 2024.
  • The company plans to spend billions of dollars more than expected on infrastructure to support its artificial intelligence efforts.
  • Meta’s shares fell more than 11% in after-hours trading after announcing the increased spending on AI infrastructure.

Meta, the owner of Facebook, Instagram, and WhatsApp, reported strong financial results in its latest earnings release, even as it ramps up investment in artificial intelligence (AI) capabilities.

JUST IN: Meta $META has dumped 12% after trading hours pic.twitter.com/JUAbt0CZtF

— BlockNews.com (@blocknewsdotcom) April 24, 2024

Revenue and Profits Jump

The company’s revenue rose 27% year-over-year to $36.5 billion, slightly exceeding analyst estimates. Net income more than doubled to $12.4 billion.

“It’s been a good start to the year,” said Mark Zuckerberg, Meta’s CEO.

AI Investments Drive Increased Spending

Meta plans to spend $35-40 billion this year, up from its prior estimate of $30-37 billion. The increased spending will go towards AI infrastructure, including data centers, chip designs, and research and development.

The ramped up investments in AI reflect Meta’s strategy of positioning itself at the forefront of artificial intelligence advancements. AI has seen growing interest lately, especially generative AI that can produce content like text, images, and video.

Share Price Drops on Higher Spending Outlook

Meta’s shares fell over 11% in after-hours trading following the earnings release and outlook for higher spending. The stock closed the regular trading session at $493.50.

The Road Ahead

Meta is betting big that its investments in AI will pay off in the long run, even if they weigh on profitability in the near term. The company aims to leverage AI to improve its services, ads systems, and overall capabilities as it competes against other tech giants in social media, messaging, and the emerging metaverse space.

Tags: FacebookMark ZuckerbergMetaWhatsApp
TweetShareShare
Previous Post

Everything You Need to Know Ahead of Hong Kong’s Bitcoin and Ethereum ETF Debut

Next Post

Meta’s Virtual Reality Division Took a Major $3.85 Billion Loss in Q1

DON'T MISS THESE! HOT OFF THE PRESS

SPX6900: The 100x Meme Coin Redefining the 2025 Bull Run
CRYPTO

SPX6900: The 100x Meme Coin Redefining the 2025 Bull Run

July 18, 2025
BlackRock Wants Staking in Its ETH ETF—TradFi’s Quietly Going Full DeFi?
CRYPTO

BlackRock Wants Staking in Its ETH ETF—TradFi’s Quietly Going Full DeFi?

July 17, 2025
Trump Media Dives Into AI with ‘Non-Woke’ Plans for Truth Social
Uncategorized

Trump Media Dives Into AI with ‘Non-Woke’ Plans for Truth Social

July 16, 2025
Hyperliquid Eyes $56 as Momentum and Institutional Backing Stack Up
Uncategorized

Hyperliquid Eyes $56 as Momentum and Institutional Backing Stack Up

July 16, 2025
Stellar (XLM) Leads Crypto Market Gains as PayPal Pushes PYUSD Integration on Stellar Network
CRYPTO

Stellar (XLM) Leads Crypto Market Gains as PayPal Pushes PYUSD Integration on Stellar Network

July 13, 2025
Solana, Stellar & BlockDAG: Three Crypto Contenders Heating Up for 2025
Uncategorized

Solana, Stellar & BlockDAG: Three Crypto Contenders Heating Up for 2025

July 13, 2025
Load More

Related News

Here’s Why Dogecoin’s Jumping Again Today

Here’s Why Dogecoin’s Jumping Again Today

July 18, 2025
PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

July 18, 2025
Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

July 18, 2025
President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

July 18, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin US Web3 X xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.