Meta says revenue will be weak as it spends even more on AI

Meta's drive to integrate artificial intelligence into its products yielded strong financial results for the second quarter in a row. The company plans to spend even more on AI in the coming months, though, and its share price slumped more than 12% as the company reported earnings Wednesday. A weak sales forecast and higher spending guidance rattled investors. Revenue at the world's largest social media business increased 27% to 36.46bn during the first quarter in contrast to analyst expectations of 36.16bn. Earnings per share more than doubled to 4.71, surpassing expectations on Wall Street of 4.32.