By Stephen Culp
NEW YORK (Reuters) – Disappointing forecasts from Facebook parent Meta Platforms has proven contagious, sparking a sell-off in tech and tech-related stocks in after-hours trading.
Meta said it expects increased spending on AI technology and lower revenues in the current quarter, sending its stock down as much as 13% in extended trading.
Amazon.com Alphabet, Nvidia and Microsoft were off 2% to 3%.
Social media peer Snap slid more than 6%.
Meta’s results come after last week’s announcement that it was enhancing its AI assistant’s presence across its suite of apps.
(Reporting by Stephen Culp; Editing by Marguerita Choy)
