Meta Platforms (META) shares tumbled over 12% in after-hours trading Wednesday despite an earnings beat as the company provided weak guidance and raised the lower end of its projected full-year expenses.

The company said it expects revenue for the second quarter to be between $36.5 billion and $39 billion, while analysts were expecting $38.39 billion, at the higher end of Meta's range, according to estimates compiled by Visible Alpha.

Meta also guided full-year 2024 total expenses to be between $96 billion and $99 billion, compared to its prior outlook of $94 billion to $99 billion, citing "higher infrastructure and legal costs."

The tech giant updated its full-year capital expenditures guidance to between $35 billion and $40 billion, up from between $30 billion and $37 billion, due to "infrastructure investments to support our artificial intelligence (AI) roadmap."

The company's revenue for the first quarter of 2024 was $36.46 billion, above analyst expectations and a 27% increase from the year-ago period. Net income and diluted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) were also above analysts' estimates and more than doubled from a year earlier.

Investors and analysts have been keeping a close watch on the company's advertising revenue growth, not just because it comprises almost all of Meta's revenues but also because the company has been experimenting with 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) tools to help 澳洲幸运5官方开奖结果体彩网:advertisers target their 🐈ads better.

Meta has doubled down on leveraging its AI tech with the company unveiling is 澳洲幸运5官方开奖结果体彩网:AI assistant for Whatsapp, Instagram, and Facebook that could riva💙l OpenAI's ChatGPT, less than a week ago.

Earlier this month, the company also announced its 澳洲幸运5官方开奖结果体彩网:custom AI-capable chip. Many other tech giants like Google parent Alphabet (GOOGL), Microsoft (MSFT), and Amazon (AMZN) have also developed their 澳洲幸运5官方开奖结果体彩网:own chips to reduce the market's re𓆏𝐆liance on Nvidia for AI chips.

Meta shares were down 12.1% at $433.80 as of 4:50 p.m. ET in after-hours trading Wednesday, though even at that price, they've gained over 22% since the start of 2024.