Apr 25, 2024

Meta AI spending plans cause share price slump

Shares in Meta - the owner of Facebook, WhatsApp and Instagram - fell sharply after it announced higher than expected spending on artificial intelligence. Meta has been updating its ad-buying products with AI tools to boost earnings growth. From Hargreaves Lansdown, said Meta's "Substantial investment" in AI has helped it get people to spend time on its platforms, so advertisers were willing to spend more money "In a time when digital advertising uncertainty remains rife". Last year, Meta was fined €1.2bn by Ireland's data authorities for mishandling people's data when transferring it between Europe and the US. And in February of this year, Meta chief executive Mark Zuckerberg faced blistering criticism from US lawmakers and was pushed to apologise to families of victims of child sexual exploitation. Services have been restored after users of Meta platforms reported problems on Wednesday.

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