EQUITY RESEARCH | DEEP VALUE RESEARCH
Meta Platforms, Inc. (META)
Sector: Communication Services / Interactive Media |
Published: 2026-10-24 |
Pages: 7
Price at publication: $642.62 | Market cap: $1.64 trillion
Themes: AI Infrastructure Digital advertising Litigation
Executive Summary
Meta fell 7% the day after its third-quarter report and closed at $642.62 on October 23. The quarter itself was strong: revenue grew 26% to $64.6 billion, ad prices rose 14% and impressions 10%, and operating income excluding a $9.89 billion settlement charge rose 11%. What worried the market was spending. Capex of $34.9 billion was more than operating cash flow, and Meta has about $810 billion of purchase commitments and leases that haven’t started yet.
What’s Inside The Full Report
- Executive summary and key points
- The ad business
- Reported earnings understate the quarter
- The spending
- Muse and what the spending is for
- The legal bill
- Valuation
- Risks
- What I’m watching
- TTCM rating and position disclosure
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