Meta (META) shares fell 15% following its fiscal 1Q24 earnings report.
The main reasons for the stock's decline are that Meta said it expects second-quarter revenue to be between $36.5 billion and $39 billion; the midpoint of the range fell slightly short of the consensus forecast of $38.2 billion. This year, Meta forecasts capital expenditures of $35 billion to $40 billion, up from the previous range of $30 billion to $37 billion - this is due to increased costs associated with with artificial intelligence.
I'd like to remind you that META is up more than 5x from its 2022 lows and...
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