Meta Platforms(US:META) 虎嗅APP·2025-10-30 14:20Core Viewpoint - Meta is undergoing significant reforms and investments in artificial intelligence (AI), but is facing challenges in profitability and market confidence due to high expenditures and a recent tax burden from Trump's "Big and Beautiful Act" [4][9][21]. Financial Performance - In Q3 2025, Meta reported revenue of $51.24 billion, a 26% year-over-year increase, surpassing market expectations [8][9]. - However, net profit plummeted to $2.71 billion, an 83% decline year-over-year, primarily due to a one-time tax expense of $15.93 billion [9][10]. - Excluding this tax impact, net profit growth was 18%, significantly lower than the previous quarters' growth rates of over 30% [10][12]. Capital Expenditure - Meta's capital expenditures reached a record high of $19.37 billion in Q3, up from $17.01 billion in Q2, with an annual forecast of $70-72 billion, exceeding previous estimates [12][22]. - The company is investing heavily in AI infrastructure and talent, with plans to invest at least $60 billion in data centers and infrastructure by 2028 [22][23]. AI Strategy and Developments - Meta has restructured its AI department multiple times in the past eight months, including a recent layoff of 600 employees to enhance flexibility [5][24]. - The launch of new AI products, such as the Meta Ray-Ban Display and Vibes AI video stream, has been met with skepticism, especially in light of competing products from OpenAI [24][25]. - Despite the challenges, Meta's CEO Mark Zuckerberg remains optimistic about the potential of AI to drive future growth and profitability [18][19]. Market Reaction - Following the earnings report, Meta's stock price fell by 8% in after-hours trading, leading to a market capitalization loss of approximately $160 billion [21]. - This decline contrasts sharply with the positive market response to previous earnings reports earlier in the year [21].