Meta Platforms(US:META) 中国基金报·2025-10-30 14:46Core Viewpoint - Meta's stock price plummeted over 10% despite strong earnings, driven by market skepticism regarding the returns on its aggressive AI investments [2][5][7]. Financial Performance - In Q3, Meta reported adjusted earnings per share of $7.25 and revenue of $51.24 billion, both exceeding Wall Street expectations. Revenue grew by 26% year-over-year, but net profit was only $2.7 billion, significantly below analyst forecasts due to a $15.93 billion tax expense related to the "Big and Beautiful Act" [6][10]. - Reality Labs, Meta's AI hardware division, recorded an operating loss of $4.4 billion with revenue of $470 million in Q3, and is expected to see a year-over-year decline in Q4 revenue due to early stocking by retail partners [10]. Capital Expenditure Plans - Meta raised its capital expenditure guidance for 2025 to $70-72 billion from a previous estimate of $66-72 billion, as it aims to develop advanced AI tools to compete with rivals [5][6]. - CEO Mark Zuckerberg defended the company's substantial spending plans, asserting that early investments are yielding returns in core business areas and positioning Meta for future opportunities [5][6]. Market Reactions and Analyst Sentiment - Analysts expressed concerns about the potential for excessive spending, highlighting a growing tension between Meta's large-scale AI infrastructure investments and investor expectations for short-term returns [7][8]. - The market's reaction indicates a shift in sentiment, with investors becoming wary of the implications of continued high expenditures despite solid fundamentals [8][10]. Debt Issuance - Meta plans to issue at least $25 billion in investment-grade bonds, which would make it one of the largest transactions of 2025 [9].