Meta Shares Plunge 10% to $603 Despite Earnings Beat on $135B AI Capex Hike

Meta Platforms shares slid ~10% to $602.93 on April 30 despite blowout Q1 results: revenue $56.31B (+33% YoY), profits $27B, and EPS $10.44 (57% above $6.66 consensus). The drop followed raised 2026 capex guidance to $125–$145B (midpoint $135B) for AI data centers, with Q1 capex at $18.997B (+47% YoY) and Reality Labs loss of $4.03B. Management prioritizes AI buildout over returns, guiding Q2 revenue to $58–$61B. Investors focus on execution risks amid strong cash flow.