Meta Platforms(US:META) 3 6 Ke·2025-11-11 07:52Core Insights - Meta's Q3 profit dropped to $2.71 billion, a nearly 83% year-over-year decline, primarily due to a $15.93 billion tax expense from the "One, Big, Beautiful Bill" [1] - Internal documents revealed that approximately 10% of Meta's projected 2024 revenue ($16 billion) may stem from fraudulent activities and prohibited product advertisements, raising significant concerns [1] Financial Performance - Excluding the tax impact, Meta's adjusted net profit could reflect a year-over-year increase of $2.71 billion [1] - The actual tax rate for Q3 was about 14%, with an adjusted net profit reaching $18.6 billion, indicating the company's core business profitability [8] - Meta's advertising revenue showed growth, with a nearly 10% increase in the price of individual ads due to rising demand [8] User Engagement - Meta's daily active users across its platforms reached 3.7 billion, with Facebook achieving a historic high of nearly 2 billion daily active users [8] - Instagram's monthly active users surpassed 2 billion, and WhatsApp's daily active users exceeded 2 billion [8] Regulatory and Legal Challenges - Meta faces scrutiny over fraudulent advertisements, with reports indicating that 54% of payment-related fraud losses in 2023 were linked to Meta products, more than double that of all other social platforms combined [4] - The U.S. SEC is investigating Meta for financial fraud advertisements, and the company is also embroiled in a lawsuit regarding child safety issues related to its AI chatbot [6][7] Corporate Governance and Strategy - Meta's decision to withdraw from independent media rating committees has raised concerns about transparency and accountability, particularly in light of ongoing regulatory scrutiny [7] - Despite challenges, Meta is increasing its workforce, particularly in advertising technology and AI, with a total employee count of 78,400, an 8% year-over-year increase [9] Market Sentiment and Future Outlook - Following the earnings report, Meta's stock price fell by 11.33%, marking the largest single-day drop in three years, resulting in a market value loss of $214.7 billion [9] - Meta plans to raise up to $30 billion through the issuance of priority notes to support its AI and data center investments, attracting $125 billion in investor subscriptions, the highest in public company debt issuance history [11] - The strong investor interest indicates confidence in Meta's long-term strategy in AI, which could help regain market trust [11] Conclusion - Meta's financial results illustrate the resilience of its business model, while its AI investments reflect future ambitions. However, ongoing controversies regarding fraudulent advertisements highlight internal contradictions in its growth strategy [12]