Shares of Facebook parent Meta Platforms (NASDAQ: META) were hammered during after-hours trading on Wednesday, sliding more than 16% at one point. The big pullback in the stock price came after the company released its first-quarter earnings report.

Interestingly, the social media specialist's report actually included some pretty upbeat data about Q1 itself. Revenue and earnings per share (EPS), for instance, were both ahead of analysts' average forecasts for the two metrics. So why did the stock fall?

Probably because of Meta's guidance. Not only did it say it's now expecting to spend more on capital expenditures during 2024 than it previously anticipated, but its second-quarter revenue guidance implies a significant deceleration in its year-over-year growth rate.

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Source Fool.com