Meta shares dove more than eight percent in after-hours trading Wednesday after the tech giant reported a US tax charge took a roughly $16 billion bite out of its quarterly profit.

The parent company of Facebook, Instagram and Whatsapp said that its net income would have reached $18.64 billion in the recent quarter had it not been for a one-time tax charge prompted by provisions in President Donald Trump’s “One Big Beautiful Bill Act.”

Quarterly revenue however exceeded analyst expectations at $51.2 billion, a 26 percent increase from the same period a year earlier.

Meta also notched up the forecast of how much money it expects to spend this year as it invests heavily in being a leader in artificial intelligence.

The company said it expects capital expenditures to tally somewhere betwe

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