Disappointing Meta forecast pulls down tech peers in extended trade

Reuters04-25

By Stephen Culp

NEW YORK, April 24 (Reuters) - Disappointing forecasts from Facebook parent Meta Platforms has proven contagious, sparking a sell-off in tech and tech-related stocks in after-hours trading.

Meta said it expects increased spending on AI technology and lower revenues in the current quarter, sending its stock down as much as 13% in extended trading.

Amazon.com Alphabet , Nvidia and Microsoft were off 2% to 3%.

Social media peer Snap slid more than 6%.

Meta's results come after last week's announcement that it was enhancing its AI assistant's presence across its suite of apps.

(Reporting by Stephen Culp Editing by Marguerita Choy)

((stephen.culp@thomsonreuters.com; 646-223-6076;))

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