META drops on capex increase despite earnings beat

$META also double beat, but it raised Capex leading to the decline. Down 6% Meta Platforms META.O raised its annual capital expenditure forecast on Wednesday, doubling down on its decision to plow billions into artificial intelligence infrastructure even as it seeks cost savings via planned layoffs. The Facebook-parent now expects 2026 capital expenditure between $125 billion and $145 billion, compared with its prior forecast of $115 billion to $135 billion.