Meta Platform’s (NASDAQ: META) last earnings report disappointed investors, leading shares to fall more than 8% to $611 afterward. This drop has so far indicated the start of a larger slide for the stock, as Meta has continued to tumble, recently falling below $575.
The company’s increased capital expenditure guidance was the main culprit for that initial drop. Additionally, although Meta grew revenue by 33% year over year (YOY), the company did not make any substantial artificial intelligence product announcements, which likely added fuel for the bears.
