股价崩了！美国科技巨头业绩爆雷，市值蒸发2000亿美元

Core Points - Meta's stock price dropped by 13.5%, marking the largest decline since April 2024, with a market capitalization loss of approximately $226 billion [1][2] - The company's Q3 revenue reached $51.24 billion, a 26% year-over-year increase, but net profit plummeted by 83% to $2.71 billion, significantly below market expectations [2][3] Financial Performance - The significant drop in net profit was primarily due to a one-time non-cash income tax expense of $15.93 billion resulting from the "One Big Beautiful Bill Act," raising the effective tax rate from 12% to 87% [3][4] - Total costs and expenses for Q3 were $30.7 billion, a 32% increase year-over-year, outpacing the revenue growth, leading to a decrease in operating profit margin from 43% to 40% [3][4] Tax Impact and Long-term Strategy - Excluding the tax impact, Q3 net profit would have been $18.64 billion, with diluted earnings per share of $7.25, reflecting a 20% year-over-year growth and exceeding market expectations [4] - CEO Mark Zuckerberg emphasized that the short-term tax impact will not alter the company's long-term strategy, and the tax reform will significantly reduce federal cash tax payments in the coming years [4] Advertising and User Growth - Meta's advertising revenue for Q3 was $50.08 billion, also a 26% year-over-year increase, exceeding Wall Street's expectations [4] - The daily active users across Meta's family of apps reached 3.54 billion, an 8% increase, surpassing market forecasts [4] Risks and Challenges - Potential regulatory changes in the EU could negatively impact European revenue, and ongoing lawsuits related to youth issues in the U.S. may lead to significant losses [4] - The Reality Labs division continues to experience high losses, with Q3 revenue of $470 million, a 74% increase year-over-year, but still resulting in an operating loss of $4.432 billion [5] Spending and Investment - Meta raised its total spending forecast for 2025 by $2 billion to a range of $116 billion to $118 billion, reflecting a year-over-year increase of 22% to 24% [5] - Capital expenditure expectations were also adjusted upward, with Q3 capital spending reaching $19.37 billion [5] Workforce Adjustments - The company plans to lay off approximately 600 employees in the AI department to streamline operations after previous rapid expansions [6][8] - The layoffs will not affect the newly established TBD lab, which has recruited top AI researchers from competitors [8]