国际资本的吃相，原来也如此难看

Core Viewpoint - Meta's stock price has experienced significant volatility, recently dropping nearly 20% within two months due to disappointing earnings reports and ongoing challenges in its transition to AI and the metaverse [1][19]. Financial Performance - In 2025, Meta's total revenue reached $164.5 billion, a year-on-year increase of 18%, with net profit at $62.36 billion, up 25% [16]. - The company's free cash flow was reported at $40 billion [16]. - In Q3 2025, Meta's net profit, excluding a one-time non-cash tax expense, was approximately $18.64 billion, close to historical highs, indicating strong core business profitability [24]. Strategic Shifts - Meta has shifted its focus from the metaverse to AI, with plans to invest between $66 billion and $72 billion in AI in 2025, emphasizing the importance of computational power in the competitive landscape [21][22]. - The introduction of AI-driven advertising tools has led to a 30% reduction in production costs for ads and an 18% increase in ad click-through rates [14]. Market Position and Competition - Meta's advertising revenue in Q2 2023 rebounded to $28.6 billion, with Reels advertising revenue surpassing $5 billion, showcasing the effectiveness of AI in driving growth [14]. - The launch of Threads, a social platform competing with Twitter, resulted in rapid user acquisition, further enhancing Meta's market position [15]. Challenges and Risks - Meta's stock faced a significant drop due to a combination of disappointing earnings, ongoing antitrust investigations, and high-profile executive departures, reminiscent of past challenges faced by the company [19][26]. - The company is also dealing with a substantial one-time non-cash tax expense of approximately $16 billion, which has impacted its financial statements but is expected to lead to future tax savings [25].