Meta Stock Plunges On Weak Guidance Despite Earnings Beat [Video]

Meta Platforms (META) shares tumbled over 12% in after-hours trading Wednesday despite an earnings beat as the company provided weak guidance and raised the lower end of its projected full-year expenses.

The company said it expects revenue for the second quarter to be between $36.5 billion and $39 billion, while analysts were expecting $38.39 billion, at the higher end of Meta’s range, according to estimates compiled by Visible Alpha.

Meta also guided full-year 2024 total expenses to be between $96 billion and $99 billion, compared to its prior outlook of $94 billion to $99 billion, citing “higher infrastructure and legal costs.”

The tech giant updated its full-year capital expenditures guidance to between $35 billion and $40 billion, up from between $30 billion and $37 billion, due to “infrastructure investments to support our artificial intelligence (AI) roadmap.”

The company’s revenue for the first quarter of 2024 was $36.46 billion, above analyst expectations and …