Meta shares slide 10% in 2026, leaving the stock at 19.4 times forward earnings

Meta Platforms shares are down 10% in 2026 and sit about 25% below their 52-week high, as investors focus on the profit impact of a higher 2026 capital expenditure outlook of $125 billion to $145 billion. In the first quarter, advertising revenue reached $55 billion, up 33% year over year, while non-ad revenue including WhatsApp paid messaging and subscriptions rose 74% to $885 million. The company said its AI-driven Value Optimization and Partnership Ads products are running at annual revenue rates of more than $20 billion and over $10 billion, respectively. Meta trades at 19.4 times forward earnings and analysts maintain a “Strong Buy” consensus rating.