Meta stock sinks as its AI spending forecast shoots up to $145 billion

The company beat revenue estimates and posted strong profit growth, but an upgraded capital expenditure outlook rattled investors

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Meta $META announced a revised capital expenditure outlook Wednesday, lifting the projected full-year range to $125 billion to $145 billion from a previous estimate of $115 billion to $135 billion alongside a first-quarter earnings beat. 

Meta stock fell in extended trading following the announcement.

Revenue for the quarter reached $56.31 billion, up 33% from the same period a year earlier. Net income was $26.77 billion, or $10.44 per diluted share. That figure included an $8.03 billion income tax benefit tied to U.S. Treasury guidance on the Corporate Alternative Minimum Tax. Without it, diluted earnings per share would have been........

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