Microsoft, Meta and the burden of expectations knock Wall Street sharply lower [Los Angeles Times (CA)]
Meta Platforms, Inc. - Class A (META)
Company Research
Source: Los Angeles Times
The Standard & Poor's 500 sank 1.9% for its worst day in eight weeks and fell further from its record set earlier this month. The Dow Jones industrial average dropped 0.9%, while the Nasdaq composite tumbled 2.8% for a second straight loss after setting its latest all-time high. Microsoft reported bigger profit growth for the latest quarter than analysts expected. Its revenue also topped forecasts, but its stock sank 6% as investors and analysts scoured for possible disappointments. Many centered on Microsoft's estimate for upcoming growth in its Azure cloud-computing business, which fell short of some analysts' expectations. The parent company of Facebook, meanwhile, likewise served up a better-than-expected profit report. As with Microsoft, that wasn't enough to boost its stock. Investors focused instead on Meta Platforms' warning that it expects a “significant acceleration” in spending next year as it continues to pour money into developing artificial intelligence. It fell 4.1
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META
Earnings
- 10/30/24 - Beat
META
Sec Filings
- 10/31/24 - Form 4
- 10/31/24 - Form 10-Q
- 10/30/24 - Form 4
- META's page on the SEC website