Facebook’s parent company sees 173 billion euros go up in smoke after disappointing figures | Economy

Striking: the social media company achieved more profit than expected last quarter. However, investors doubt whether these investments will generate enough money and sent the stock down about 15 percent. Meta thus suffered the largest price loss since October 2022.

IBM (-7.9 percent) also suffered. The tech group recorded less turnover than expected last quarter.

The overall mood on Wall Street was negative. Shortly after the start of trading, the Dow Jones index was 1.5 percent lower at 37,892 points. The broad S&P 500 index lost 1.4 percent to 5,000 points and tech indicator Nasdaq fell 2.1 percent to 15,385 points.

Investors are still waiting for the results of the major tech groups Microsoft and Google owner Alphabet, which will be released after the closing bell on Wall Street. Both companies are investing heavily in AI applications. Ahead of the results, Alphabet fell 4.3 percent and Microsoft fell 4.5 percent.

Southwest Airlines fell 8.8 percent. The airline suffered a loss last quarter and warned that growth will remain under pressure until 2025 due to slow deliveries of new aircraft from manufacturer Boeing. Industry peer American Airlines also dipped into the red, but did issue a positive forecast for the current quarter. That share nevertheless lost 2.4 percent.

Merck rose 3.8 percent. The pharmaceutical group performed better than expected last quarter and raised expectations for revenue and profit for the full year.

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