BUZZ-Meta Platforms drags megacaps lower on higher cost forecast

Reuters04-25

** Meta Platforms shares slide ~13% premarket after the social media firm disappoints investors with forecasts of higher expenses and lighter-than-expected revenue

** META set to shed ~$170 bln in market cap

** Co raises 2024 total expense forecast to $96-$99 bln, from $94-$99 bln, to support investments in new AI products and the computing infrastructure needed to support them

** Stock up 39% YTD following a 194% surge in 2023

** Avg rating on the stock is "buy" and median PT is $529.99, up considerably from $398.50 at the start of the year

** Alphabet and Microsoft down 2.8% and 1.6%, respectively, ahead of their results due after the bell on Thursday

** Amazon down 2.2%, while social media stocks Snap

and Pinterest down 3.8%-4.8%

** Nvidia , however, up 0.8%

(Reporting by Sruthi Shankar in Bengaluru)

((sruthi.shankar@thomsonreuters.com;))

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