Meta Platforms, the parent company of Facebook, WhatsApp and Instagram, ended sharply lower on the New York stock exchanges on Thursday. The stock ended 10.6 percent lower, losing more than $100 billion in market value.
Meta Platforms published its quarterly results on Wednesday, reporting, among other things, that it was incurring higher costs for its many investments in artificial intelligence (AI). Investors doubt whether these investments will generate sufficient money.
Meta also issued a disappointing turnover forecast for the current quarter. For example, the Menlo Park-based company predicted that sales in the second quarter may again reach $36.5 billion. On average, analysts expected a significantly stronger forecast.
The Dow Jones index closed 1 percent lower at 38,085.80 points. The broad S&P 500 lost 0.5 percent to end at 5048.42 points. Tech indicator Nasdaq fell 0.6 percent to 15,611.76 points.
Rubrik had a successful IPO. The cybersecurity company, in which Microsoft is a major investor, rose 15.6 percent. The share’s initial price was $32. The company raised more than $750 million in its IPO and has a market value of approximately $5.6 billion.
Tesla rose 5 percent, continuing the advance of Wednesday, when the share rose more than 12 percent. The manufacturer published its quarterly results that day, showing that turnover had fallen and net profit had more than halved. Nevertheless, investors responded enthusiastically because Tesla announced that it wanted to bring cheaper electric cars to the market more quickly.
The euro was worth $1.0729, compared to $1.0717 at the close of stock markets in Europe. A barrel of American oil cost 1.2 percent more at $83.78. Brent oil rose 1.4 percent in price to $89.22 per barrel.
