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Meta's Q3 revenue and Q4 guidance both exceeded expectations, with the company raising its AI capital expenditure and proposing to issue new non-voting shares, leading to a 6% surge in after-hours trading.
Meta reported its third-quarter earnings on Wednesday, with revenue reaching $64.6 billion, a 26% year-over-year increase, surpassing analysts' expectations of $63.3 billion. The company projects fourth-quarter revenue to be between $73 billion and $76 billion, with the midpoint of the range exceeding market expectations. Excluding $9.89 billion in legal settlement expenses, adjusted earnings per share were $7.40, beating forecasts. Meta also raised the lower bound of its 2026 capital expenditure guidance to $135 billion and announced the creation of non-voting Class C common stock, planned to take effect in January 2027. This move aims to fund AI investments while avoiding dilution of CEO Mark Zuckerberg's voting control. Following the earnings release, Meta's stock price rose 6% in after-hours trading.
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