Meta Shares Sink 14% Following Outlook

(RTTNews) - Shares of Meta Platforms, Inc. (META) were down more than 14 percent in pre-market on Thursday to $420.88 following second-quarter revenue outlook.

The social media giant now expects second-quarter revenue to be in the range of $36.5 billion-39 billion. This compares with the average outlook of 42 analysts polled by Thomson-Reuters of $38.28 billion.

At the same time, Meta has raised its full-year capital expenditures outlook to the range of $35 billion-40 billion, from $30 billion - 37 billion to accelerate its artificial intelligence product developments.

Meta shares had closed at $493.50. It has traded in the range of $229.85 - $531.49 in the last 1 year.