Big tech sold off in late hours after Meta Platforms Inc.’s disappointing outlook raised concern on whether the industry that has powered the bull market in equities has run too far.
A $250 billion exchange-traded fund tracking the Nasdaq 100 (ticker: QQQ) got hit after the close of regular trading as the Facebook parent tumbled more than 15%. Meta projected second-quarter sales that were below analyst expectations and increased its spending estimates for the year.
Meta Sinks on Revenue Guide and Spending Plans: Street Wrap
Big tech hit in late hours.
Photographer: Yuki Iwamura/Bloomberg
“Meta’s resources are vast, but not infinite,” said Sophie Lund-Yatesat Hargreaves ...
