Meta Platforms(US:META) Zheng Quan Shi Bao Wang·2025-10-30 00:46Core Insights - Meta's Q3 net profit plummeted from $15.69 billion in the same period last year to $2.71 billion, a decline of 83%, primarily due to a one-time non-cash tax expense of $15.93 billion resulting from U.S. tax reform [1] - Excluding the one-time tax impact, earnings per share were $7.25, with a net profit of $18.64 billion and revenue of $51.24 billion, reflecting a year-over-year growth of 26%, outperforming expectations [1] - Daily active users reached 3.54 billion, an 8% increase year-over-year; ad impressions grew by 14%, and ad prices rose by 10%, indicating strong performance in the core advertising business [1] Financial Projections - Capital expenditures are expected to significantly exceed the $70-72 billion range for 2025, potentially reaching $80-85 billion or even higher by 2026 [1] - Total expense growth for 2026 is anticipated to outpace the 22%-24% growth rate projected for 2025 [1] - The substantial increase in capital expenditures is primarily aimed at infrastructure development, including in-house and cloud service procurement, to meet the unexpectedly high demand for AI computing power [1]