Zuckerberg is attempting to reassure Wall Street following this announcement. However, the unexpected increase in spending and slower sales growth has led to significant market reactions. The company's shares have taken a substantial hit, demonstrating the challenges Meta Platforms faces as it invests heavily in new technologies.
Key takeaways:
- Mark Zuckerberg is urging investors to remain patient as Meta Platforms Inc. plans to spend billions more than expected this year.
- The increased spending is primarily due to investments in artificial intelligence.
- Zuckerberg attempted to reassure Wall Street following the announcement of the spending forecast.
- The news of the increased spending and slower sales growth led to a drop in shares by as much as 19% in extended trading.