Disappointing Meta forecast pulls down tech peers in extended trade
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FILE PHOTO: A Meta logo is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 14, 2023. REUTERS/Gonzalo Fuentes/File Photo
By Stephen Culp
NEW YORK (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)
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