In its first-quarter results announcement on Wednesday afternoon, Meta once again exceeded Wall Street's expectations. However, the company's statement that it expects growth to halt significantly caused its stock to plummet.

 Sales for the period totaled $36.46 billion for Meta, easily exceeding projections of $36.14 billion and exceeding last year's sales by 27%.

 With $4.71 earnings per share, it outperformed $4.32 earnings per share estimates, and its $12.4 billion net income was more than expected at $11.4 billion.

Fill in somAlthough the first-quarter numbers are remarkable, investors did not take kindly to Meta's announcement that it expects second-quarter revenues of $36.5 billion to $39 billion, with a midpoint projection of $37.8 billion, well below average analyst estimates of $38.3 billion, according to FactSet. e text

 In addition, the business increased its full-year spending projection, citing rising costs in its unfavorable metaverse division and undermining the profitable growth narrative that has elevated Meta's stock over the last 18 months.

 In light afternoon trading, Meta's shares dropped 10%, trading at roughly $440 a share, which, if the losses continue into Thursday's normal session, would be the company's lowest price since February 1.

 Over the length of its 2.5-year existence, Meta's metaverse division has reported an operational deficit of over $37 billion, with a $3.8 billion loss in the most recent quarter.