Core Insights - The earnings season for major tech stocks is a focal point for the market, with Google, Microsoft, and Meta recently releasing their financial results, highlighting trends in capital expenditures related to artificial intelligence [1] Google - Google's Q3 revenue reached $102.35 billion, exceeding market expectations of $99.89 billion, with search revenue at $56.56 billion, a 15% year-over-year increase [2] - YouTube ad revenue was $10.26 billion, surpassing the expected $10.01 billion, while Google Cloud revenue was $15.15 billion, a 35% year-over-year growth, exceeding the forecast of $14.74 billion [2] - Net profit rose to $34.97 billion, with an EPS of $2.87, compared to $26.3 billion in the same quarter last year [2] - Google faced a $3.45 billion antitrust fine from the EU, impacting net profit for the quarter [2] - The company raised its 2025 capital expenditure forecast to between $91 billion and $93 billion, up from an earlier estimate of $75 billion to $85 billion, primarily for data center infrastructure [2] Meta - Meta's Q3 revenue was $51.24 billion, a 26% year-over-year increase, exceeding the expected $49.41 billion, with ad revenue at $50.08 billion [3] - The company reported an EPS of $1.08, below the market expectation of $6.69 [3] - Meta incurred a one-time non-cash tax expense of $15.93 billion due to the "One Big Beautiful Bill Act," but anticipates significant reductions in federal cash tax expenditures in the coming years [3] - The company raised its Q4 revenue guidance to a range of $56 billion to $59 billion, with the midpoint exceeding analyst expectations [3] - Meta adjusted its total annual expenditure guidance to between $116 billion and $118 billion, up from $114 billion to $118 billion, and raised its 2025 capital expenditure forecast to between $70 billion and $72 billion [4] Microsoft - Microsoft's Q3 revenue was $77.67 billion, an 18% year-over-year increase, surpassing the expected $75.33 billion [5] - The "Intelligent Cloud" segment, including Azure, generated $30.9 billion, a 28% year-over-year growth, exceeding the consensus of $30.25 billion, with Azure revenue up 40% [5] - Net profit increased to $27.7 billion, with an EPS of $3.72, compared to $24.67 billion and an EPS of $3.30 in the same quarter last year [6] - Microsoft's cloud business is a key growth driver, benefiting significantly from the AI boom, with Azure and other cloud services projected to grow 34% year-over-year, exceeding $75 billion by FY2025 [6] - The company's strong performance in AI is attributed to its close partnership with OpenAI, which recently restructured its ownership, with Microsoft holding a 27% stake valued at approximately $135 billion [6]

Core Insights - Meta Platforms reported $51.24 billion in revenue for Q3 2025, a year-over-year increase of 26.3% and a surprise of +3.63% over the Zacks Consensus Estimate of $49.45 billion [1] - The EPS for the same period was $7.25, compared to $6.03 a year ago, with an EPS surprise of +9.68% against the consensus estimate of $6.61 [1] Financial Performance Metrics - Family daily active people (DAP) reached 3.54 billion, exceeding the average estimate of 3.49 billion [4] - Headcount was reported at 78,450, surpassing the average estimate of 76,888 [4] - Average Revenue Per Person (ARPP) was $14.46, compared to the estimated $14.08 [4] Advertising Revenue Breakdown - Advertising Revenue in the US & Canada was $21.33 billion, slightly below the average estimate of $21.7 billion, with a year-over-year change of +22.7% [4] - Advertising Revenue in Europe reached $12.07 billion, exceeding the average estimate of $11.65 billion, representing a year-over-year change of +29% [4] - Advertising Revenue in the Asia-Pacific region was $10.27 billion, above the average estimate of $9.87 billion, with a year-over-year change of +25% [4] - Advertising Revenue from the Rest of the World was $6.66 billion, surpassing the estimated $6.37 billion, reflecting a +30.9% year-over-year change [4] - Geographical Revenue by User in the US & Canada was $21.75 billion, compared to the estimated $21.53 billion, with a +23.5% year-over-year change [4] Overall Revenue Insights - Revenue from the Family of Apps (FoA) was $50.77 billion, exceeding the average estimate of $49.07 billion, with a year-over-year change of +25.9% [4] - Revenue from Reality Labs was $470 million, significantly above the average estimate of $339.85 million, representing a year-over-year change of +74.1% [4] - Total Advertising Revenue was $50.08 billion, compared to the average estimate of $48.51 billion, reflecting a +25.6% year-over-year change [4] - Other Revenue was reported at $690 million, exceeding the estimated $588.26 million, with a year-over-year change of +59% [4]

第三季度净利润从去年同期的156.9亿美元暴跌至27.1亿美元，跌幅达83%。罪魁祸首是美国税改法案带来的159.3亿美 元一次性非现金税收支出，剔除该项影响后，EPS为7.25美元，净利润186.4亿美元。2026年资本支出可能突破800- 850亿美元甚至更高。Meta周三盘后重挫超8%。 这一戏剧性下滑的罪魁祸首是美国税改法案《大漂亮法案》带来的159.3亿美元一次性非现金税收支出，将有效税率从 去年同期的12%推高至87%。具体要点如下： 财务表现： 业务进展： 美国税改冲击与AI军备竞赛的代价，Meta季度盈利暴跌83%。 10月29日，Meta发布第三季度财报，营收512.4亿美元同比增长26%，但 净利润从去年同期的156.9亿美元暴跌至27.1 亿美元，跌幅达83% 。 广告引擎依然强劲，但欧盟监管阴云 Meta核心广告业务的数据仍然亮眼。 第三季度广告展示量增长14%，平均单价上涨10%，两者共同推动广告收入的健康增长。35.4亿日活跃用户同比增长 8%，显示用户基础仍在扩张。 但欧盟监管阴云正在变成实质性威胁。Meta CFO表示： 日活跃用户达35.4亿，同比增长8%；广告展示量增长14 ...

格隆汇10月30日｜Meta Platforms周三公布三季度业绩，营收创下历史新高，但公司警告未来资本支出 将持续上升，导致股价在盘后交易中一度下跌约8%。公司表示，三季度营收为512亿美元，同比大增 26%；净利润为27亿美元，远低于分析师预期。公司将净利润大幅下滑归因于推动特朗普"大美丽法 案"而确认的159.3亿美元一次性税务支出。Meta预计四季度营收将在560亿至590亿美元之间，大致符合 市场预期。公司同时表示，预计2026年的总支出增速将显著高于2025年，主要由于基础设施成本上升， 包括云计算支出增加及折旧费用提升。Meta将同时上调了2025年的资本支出预期，预计支出将在700亿 至720亿美元之间，先前的预估区间为660亿至720亿美元。 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ____________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35551 ____________________________________________ Meta Platforms, Inc. (Exact ...

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Core Points - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to between 3.75% and 4.00%, marking the second consecutive rate cut [3] - The Fed announced it will end its balance sheet reduction plan on December 1, with the principal repayments from mortgage-backed securities to be reinvested in short-term Treasury bonds [5] - There is a notable division within the Fed regarding future monetary policy, with some members advocating for a more aggressive rate cut while others prefer to maintain current rates [5][6] Economic Indicators - The Fed acknowledged a lack of official economic data due to the federal government shutdown, complicating its understanding of the economic situation [5] - Current indicators suggest moderate economic expansion, with employment growth slowing and a slight increase in the unemployment rate, although it remains low [5] - Inflation has risen slightly compared to earlier in the year, remaining above desired levels [5] Market Reactions - Following the Fed's announcement and comments from Chairman Powell, major assets experienced significant volatility, with the Dow Jones falling by 0.16% and the Nasdaq rising by 0.55% [8] - Large tech stocks mostly saw gains, with Nvidia rising nearly 3% and achieving a market capitalization above $500 billion [10] - The dollar index increased, surpassing the 99 mark, while U.S. Treasury yields also saw upward movement [10]

Group 1 - President Xi Jinping will meet with U.S. President Trump on October 30 to discuss U.S.-China relations and mutual concerns [5] - The U.S. Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 3.75% to 4.00%, marking the fifth rate cut since September 2024 [5] - The U.S. stock market showed mixed results, with the Nasdaq rising by 0.55%, while the Dow Jones fell by 0.16% [6] Group 2 - The Chinese government is deepening capital market reforms and expanding financial openness to attract foreign investment [9] - The Ministry of Commerce and other departments released an action plan to enhance urban commercial quality, aiming for a well-structured urban commercial system [10] - The State Administration of Foreign Exchange introduced nine policy measures to facilitate cross-border trade and support foreign trade development [10] Group 3 - BYD launched a new electric K-Car model at the Tokyo Motor Show, marking its entry into the Japanese market [17] - Tencent released an AI assistant specifically designed for oracle bone studies, showcasing its commitment to innovation in artificial intelligence [19] - Meituan announced plans to build "official lightning warehouses" in collaboration with numerous brands to enhance instant retail capabilities [21] Group 4 - Meta reported third-quarter revenue of $51.24 billion, a 26% year-over-year increase, with advertising revenue also up by 26% [27] - Alphabet's third-quarter revenue reached $102.35 billion, a 16% increase, with Google Cloud revenue at $15.16 billion [28] - Microsoft reported third-quarter revenue of $77.67 billion, an 18% year-over-year increase, with net profit at $27.75 billion [29]

Revenue and Expense Growth - Meta's revenue growth is expected to be around 18% next year, higher than the street's expectation of 16% [3][4][13] - Meta's expense growth is projected to be north of 30% [4] - In the September quarter, Meta's revenue growth was 23%, while expense growth was 32% [3] - In 2024, Meta's revenue growth was about 23%, and expense growth was about 8% [2] - In the first two quarters of this year, Meta's revenue growth was 22%, and expense growth was 12% [2] Capital Expenditure (Capex) and AI Investment - Meta is aggressively increasing expenses related to third-party capex spend [3] - Meta's CEO is setting the company up to be the most optimistic regarding AI, evidenced by the increase in capex [7] - Meta is building its AI infrastructure for the most optimistic case [9] - Google is guiding up their capex to be up like 25% next year, similar to Microsoft and Amazon [8] User Engagement - 43% of the world uses Meta's products on a daily basis, and the rate of usage is accelerating [4] Market Expectations and Stock Performance - The street is looking for 40% growth for Meta in 2026, but it's probably going to be up more than 60% [8] - Investors are recalibrating Meta's stock due to the shift in expense growth [7] - Meta needs to show improvement in the December quarter, with revenue growth higher and expenses lower than expected [12] - Meta needs to continue demonstrating that AI is driving revenue growth [13]

Core Insights - Meta's stock decline is attributed to a shift in the dynamic between revenue growth and expense growth, with expenses outpacing revenue growth for the first time in two years [2][3][4] - Microsoft and Alphabet also reported earnings, with Microsoft experiencing a similar downtick in earnings growth, indicating a broader trend among big tech companies [1][6] Meta Analysis - Meta's revenue growth for 2024 is projected at 23%, while expenses are expected to grow by 32%, marking a significant shift from previous years where revenue growth consistently outpaced expenses [2][3] - The company reported a revenue growth of 22% in the first two quarters of the year, but expenses grew by 12%, highlighting a concerning trend for investors [2][3] - Engagement metrics remain strong, with 43% of the global population using Meta's products daily, indicating potential for future growth despite current challenges [4] Microsoft and Alphabet Insights - Microsoft is facing a similar situation, with a notable shift in expense growth that has surprised investors [6][9] - The market is currently expecting a 40% growth for Microsoft in 2026, but there are indications that it could exceed 60% [8] - Alphabet's capex is projected to increase by 25%, reflecting a broader trend of increased investment in technology infrastructure across major tech companies [8] Future Expectations - The market is looking for signs of improvement in revenue growth rates and expense management in the upcoming December quarter [12][13] - Meta needs to demonstrate a revenue growth rate closer to 20% to regain investor confidence, as the current expectation is at 16% [13]