Meta shares fall 7% as revenue rises, daily users lag
Business
Meta (the company behind Facebook and Instagram) just saw its stock drop 7% after reporting first-quarter numbers that didn't quite impress.
Even though revenue jumped 33% to $56.3 billion, daily user growth was slower than hoped, reaching 3.56 billion instead of the 3.62 billion analyst expectation, partly due to global tensions making access tricky.
Meta raises spending forecast to $145B
Meta is now planning to spend even more, raising its forecast up to $145 billion thanks to pricier tech and data center needs.
To save money, it's laying off more than 8,000 people and putting a freeze on hiring for another 6,000 jobs, expected to save $3 billion.
Investors are watching closely as Meta tries to balance big ambitions with tighter budgets.