Meta shares slide as tech giant hikes AI spending forecast, warns of youth social media backlash
Meta Platforms raised its 2026 capital spending forecast to $125-145 billion, citing increased investment in AI infrastructure, and warned of potential losses due to youth social media backlash. The company's first-quarter revenue beat expectations at $56.31 billion.
Meta Platforms increased its 2026 capital expenditure forecast to $125-145 billion, up from $115-135 billion, due to higher spending on AI infrastructure. The company's shares fell over 6% in extended trading. Meta faces growing criticism and lawsuits over children's safety on its social media platforms. The company reported first-quarter revenue of $56.31 billion, beating analyst estimates. Meta expects second-quarter revenue of $58-61 billion. Daily active users rose 4% to 3.56 billion. CEO Mark Zuckerberg is integrating AI into the company's workflows and reshaping its workforce.
This content was automatically generated and/or translated by AI. It may contain inaccuracies. Please refer to the original sources for verification.