但咱们做中长线的，别光盯着暴跌慌神。你看营收还能涨26%，说明用户基本盘没垮，而且之前Meta砸在AI上的钱还在加码，这才是长期底气。现在股 价跌，更多是短期情绪——市场怕它花钱没数，又被一次性税费吓着了。 昨天Meta的财报一出来，不少朋友私信我："帮主，这咋回事？营收涨了26%，净利润却跌了83%，股价还崩了11%，手里的票要不要割？" 别急，干了20 年财经记者，看惯了财报里的"冷热反差"，今天就跟大伙唠唠这事儿，别被短期数字带偏了中长线判断。 所以不用急着割肉，先看看后续：一是费用能不能稳住，别再"花钱如流水"；二是AI投入啥时候能变现。真要是这两点能改善，短期跌下去反而是机 会。 其实看Meta这财报，我就想起早年跑上市公司的时候，老编辑总跟我说"看财报得扒两层皮，净利润里可能藏着'一次性疙瘩'"。这次还真应了这话——净 利润暴跌不是业务不行，是特朗普那"大而美法案"闹的，一下计提了159.3亿的一次性税费，有效税率从12%飙到87%，这钱一扣，利润自然就"腰斩"了。 还有个细节，三季度总成本涨了32%，比营收增速还快，运营利润率缩到40%，这才是市场真正担心的"花钱快过赚钱"。 你们要是手里也有科 ...

Core Insights - Reddit Inc. is a prominent social media platform known for its user-generated content and community-driven discussions, distinguishing itself from competitors like Facebook and Twitter through its unique approach [1] Financial Performance - For the quarter ending October 30, 2025, Reddit reported an earnings per share (EPS) of $0.80, which was below the estimated EPS of $1.04 but showed a significant improvement from $0.16 per share reported in the same quarter last year [2][6] - Reddit's revenue for the quarter reached $585 million, surpassing the estimated $546.7 million, representing a 6.31% increase over the Zacks Consensus Estimate and a substantial rise from $348.35 million reported a year ago [3][6] Valuation Metrics - The company has a high valuation with a price-to-earnings (P/E) ratio of approximately 168.12 and a price-to-sales ratio of about 21.81, indicating that investors are willing to pay a premium for Reddit's growth potential [4][6] - The enterprise value to sales ratio stands at 21.39, reflecting the company's valuation including debt and excluding cash [4] Financial Health - Reddit's financial health is supported by a low debt-to-equity ratio of 0.01, indicating minimal reliance on debt financing, and a current ratio of 12.00, highlighting strong liquidity to cover short-term liabilities [5]

Core Insights - Meta is planning to raise up to $30 billion through its largest bond offering to fund significant investments in AI infrastructure, with capital expenditures expected to be "notably larger" next year than in 2025 [1][8] - The company's shares fell over 11% as a result of a 32% increase in costs that outpaced a 26% revenue increase [1][8] - Major tech companies, including Meta, are projected to spend $400 billion on AI infrastructure this year, according to Morgan Stanley [5] Capital Expenditure and Bond Sale - Meta has increased the lower end of its capital expenditure outlook for this year to between $70 billion and $72 billion, up from a prior forecast of $66 billion to $72 billion [7][8] - The bond sale will consist of six parts with maturities ranging from five to 40 years, with principal amounts ranging from $4 billion to $6.5 billion [2][8] - Co-managers for the bond sale include Morgan Stanley, Allen & Company, and Blaylock Van [2] AI Investments and Talent Acquisition - Meta recently secured a $27 billion financing deal with Blue Owl Capital, its largest private capital agreement, to support its Hyperion data center project in Louisiana [5][8] - The company is heavily investing in attracting and retaining top AI talent, with CEO Mark Zuckerberg leading an aggressive hiring spree for the newly reorganized AI unit, Superintelligence Labs [6][8] - Employee compensation costs, particularly for AI talent, are expected to be the second-largest contributor to the increase in costs next year, as stated by Meta's CFO Susan Li [6]

Group 1 - The focus on stocks in the real economy is reignited when a major tech company, specifically Meta, experiences significant setbacks [1][2] - Meta Platforms reported strong user growth and profitability but faced a substantial non-cash charge that surprised the market [2][3] - The company's management committed to a level of capital spending that was perceived as imprudent by hedge fund managers, leading to a drastic decline in Meta's stock price by over 11% [4] Group 2 - The overall market was negatively impacted, with the Dow Jones Industrial Average dropping 110 points, the S&P 500 falling by 0.99%, and the NASDAQ plummeting by 1.58% [2][4] - There is a perception among some investors that Meta's CEO, Mark Zuckerberg, has lost his previous discipline in managing the company, leading to concerns about reckless spending [5]

Core Insights - Meta Platforms, Inc. is a leading social technology company with a diverse app portfolio and a strong presence in digital advertising, focusing on AI and metaverse investments [2][3] - The company has transitioned from user growth to efficiency and profitability, achieving record margins and free cash flow while investing in long-term projects [3] - The DCF analysis indicates an intrinsic value per share of approximately $333, while the current market price is around $667, suggesting a significant margin of safety [5][6] Company Profile - Meta operates a family of apps including Facebook, Instagram, WhatsApp, and Messenger, with over 3 billion users [2] - The company is heavily investing in AI-driven engagement and virtual reality, positioning itself for future growth [2] Financial Analysis - DCF inputs include a discount rate of 10% and a terminal growth rate of 3% [4] - Forecasted free cash flows from 2025 to 2029 show a total present value of $218.9 billion, with a terminal value of $943.4 billion leading to an enterprise value of $813.9 billion [4] - Meta has a net cash position of $28.8 billion, resulting in an equity value of $842.7 billion [5] Valuation Insights - The intrinsic value per share is calculated at approximately $333, while the current price is about $667, indicating a 50% margin of safety [5] - The market seems to be pricing in expectations of sustained double-digit growth and further operational leverage [6] - Despite being a strong long-term investment, the current valuation does not present a deep-value opportunity [6]

Group 1 - Meta Platforms plans to raise funds through bond offerings worth up to $30 billion [1]

Core Insights - Meta Platforms experienced a significant decline in shares due to rising artificial intelligence costs and a $16 billion one-time tax charge, leading to a 11.3% drop in stock price [3][8] - Chipotle Mexican Grill's stock fell 18.2% after reporting lower-than-expected revenue and reducing its full-year forecast, particularly noting a decline in younger customers [4] - EMCOR Group's shares dropped 16.6% despite exceeding sales and profit expectations, as operating margins decreased and full-year guidance was narrowed [5] - eBay's shares slid 15.9% after surpassing revenue and profit estimates but providing disappointing guidance for the holiday quarter [6] - C.H. Robinson Worldwide's stock surged 19.7% due to successful AI integration that improved operational efficiency and reduced costs [9] - Cardinal Health's shares rose 15.4% after beating sales and profit estimates, driven by strong demand for specialty medicines [10] - Moderna's shares increased by 13.9% following reports of potential partnership talks with a large pharmaceutical company [11]

with those results. Sure. >> Credit beating on the top and bottom lines.Earnings of 80 cents per share, far ahead of expectations of 51 cents per share. Revenues of $585 million ahead of estimates of 546 million. The company also guiding to Q4 revenue and Ebida in ranges ahead of analyst expectations.I just spoke with CEO Steve Huffman, who told me that Reddit's ad business continues to outpace its peers with 74% year-over-year growth and 75% growth in total advertiser count. He said AI is helping across th ...

James Foord is an economist by trade and has been analyzing global markets for the past decade. He leads the investing group The Pragmatic Investor where the focus is on building robust and truly diversified portfolios that will continually preserve and increase wealth. The Pragmatic Investor covers global macro, international equities, commodities, tech and cryptocurrencies and is designed to guide investors of all levels in their journey. Features include a The Pragmatic Investor Portfolio, weekly market ...

The social-media company posted a profit of $162.7 million, driven by higher advertising demand as it continues to draw in more users. ...