Meta Stock Slides as AI Spending Ramps Up: What To Know

Meta stock plunged after the Facebook parent increased spending on artificial intelligence and the metaverse.

Meta Platforms logo on booth at Hannover Messe 2024 trade fair in Germany
(Image credit: Krisztian Bocsi/Bloomberg via Getty Images)

Meta Platforms (META) beat analysts' top- and bottom-line estimates in its first-quarter earnings report. Nevertheless, META stock plunged 10.6% in Thursday's session.

In the three months ended March 31, the Facebook parent reported revenue of $36.5 billion, an increase of 27.3% from the year-ago period. Earnings per share (EPS) more than doubled to $4.71.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.