New York, April 25, 2024 – Black day on Wall Street for Halfthan in the first negotiations it burned 190 billion of value, with the title marking -15%. To push stocks down, the quarterly accountspresented last night after the markets closed: the results are better than expectedbut the estimates on revenues in the second quarter and above all the expenses incurred for artificial intelligence were disappointing. Costs that will increasein the forecasts of the parent company of Facebook, Instagram and Whatsapp.
And this evening the quarterly reports of three other tech giants are arriving: Alphabet, Microsoft and Intel, While IBMwhich also presented its accounts last night, opened with a decline of more than 8%.
Meta’s quarterly, between lights and shadows
The sharp slowdown in the stock market is difficult to reconcile with the optimism shown yesterday by Mark ZuckerbergCEO of Meta. “It was a good start to the year. We continue to see growth in our apps and continue to make progress in the metaverse.” Effectively, revenues for the first three months rose 27% to $36.5 billion, above analysts’ expectations. Profit jumped to over 12 billion.
The sore notes arrive from the upward estimates of expenses of capital in 2024 from 37 to 40 billion dollars to “continue to accelerate investments in infrastructure and support the roadmap for artificial intelligence”, explained Meta, predicting a further increase next year.
Enter and exit
For the second quarter, the company that owns Facebook and Instagram expects revenues between 36.5 and 39 billion dollars, with the midpoint of the range slightly below the previously estimated $38.2 billion. The company raised total spending forecasts to 96-99 billion dollars, from 94 to 99 billion dollars.
Dear, dearest Artificial Intelligence
Meta is spending a lot on compete with other tech giants in artificial intelligence. The company has in fact announced a new 800 million data center in recent months and is developing its chips for artificial intelligence services, as well as introducing tools such as short video formats and the chat assistant.
