Meta shares fall 15% as higher AI spending, low revenue forecasted

Shares of Facebook and Instagram-parent Meta fell about 15% after it predicted lower revenue and higher spending during the April-June quarter. Its market value dropped by nearly $200 billion to $1 trillion. Meta said it expects revenue to be in the range of $36.5 billion-$39 billion and raised its total expense forecast to $96 billion-$99 billion.