直面AI . 聚焦前沿科技，抢先看到未来。 本文来自微信公众号： 直面AI ，作者：毕安娣，题图来自：视觉中国 Meta为了人工智能，不仅大力投入，还大力改革，大力裁员。但还没看到曙光，却被特朗普抽走大 部分利润，差点成了《活着》里失血过多的有庆。 以下文章来源于直面AI ，作者毕安娣 从财报中不难看到，Meta的资本支出还在扩大，而且该公司提高了全年资本支出的预估值，还暗示 明年这一数额会再增加。 过去八个月里， Meta对其人工智能部门进行了四次重组，前不久还传出裁员600人的消息。Meta 说，希望人工智能组织"更灵活"。 改革的力度很大，但Meta还没有收获改革的果实，自新的"Meta超级智能"部门组建之后，Meta发布 了一款人工智能眼镜和一个嵌入Meta AI应用的AI短视频信息流，后者还被OpenAI的Sora独立应用 对比得黯然失色。 "我们本季度表现强劲。Meta超级智能实验室开局良好，我们将继续引领人工智能眼镜行业。如果我 们能够把握住未来机遇的一小部分，那么未来几年将是我们历史上最激动人心的时期。" 但是市场显然没买账，美股盘后交易中，Meta的股价暴跌8%，市值蒸发约1600亿美元。 ...

Core Viewpoint - Meta is facing significant challenges despite a strong revenue increase, primarily due to a massive tax expense linked to Trump's "Big and Beautiful Act," which has severely impacted its net profit [1][6][7]. Financial Performance - In Q3 2025, Meta reported revenue of $51.24 billion, a 26% year-over-year increase, surpassing Wall Street's expectations of $49.41 billion [5]. - Advertising revenue constituted the majority, reaching $50.08 billion, also up 26% year-over-year [5]. - However, net profit plummeted to $2.71 billion, an 83% decline compared to the previous year, largely due to a one-time tax expense of $15.93 billion [6][8]. Capital Expenditure and Investment - Meta's capital expenditure reached a record high of $19.37 billion in Q3, up from $17.01 billion in Q2, with an annual forecast of $70 to $72 billion, indicating a significant increase from previous years [10][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]. AI Strategy and Organizational Changes - Over the past eight months, Meta has undergone four reorganizations of its AI department, including a recent layoff of 600 employees to make the organization more agile [3][23]. - Despite these efforts, the company has yet to see substantial results from its AI initiatives, with recent product launches receiving mixed reviews [26][29]. 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, marking one of the largest single-day declines in the company's history [19][20].