Meta Platforms Inc. dashed investors’ hopes for a long-term advertising recovery, saying it was at the whim of an uncertain economic environment, even as the company plans to spend heavily on newer businesses including virtual reality and artificial intelligence. Shares fell in extended trading.
“We are very subject to volatility in the macro landscape,” Chief Financial Officer Susan Li said on a call with investors. “The revenue outlook is uncertain” for 2024.
The comments put a damper on an otherwise upbeat earnings report. Third-quarter revenue beat analysts’ expectations, while guidance for the current quarter was in line with projections. The shares initially climbed more than 5%, but slid more than 3% in extended trading after executives expressed concerns about the macro environment.
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