Meta has reported its financial results for the third quarter, kicking off Big Tech's earnings season with a strong revenue beat and positive guidance. The social media giant posted an all-time high quarterly revenue of $64 billion, topping analyst expectations of $63.3 billion and surpassing the $51.2 billion reported during the same period last year.
Despite the revenue success, GAAP earnings per share were impacted by legal fees stemming from a teen mental health settlement. GAAP EPS was recorded at $3.83, coming in below the $7.40 it would have reached without the legal charge, though still topping some lowered consensus expectations.
Alongside the earnings report, Meta announced a 2-for-1 stock split that introduces a non-voting Class C share for Class A shareowners. The corporate move is designed to help finance the company's ongoing artificial intelligence buildout while ensuring CEO Mark Zuckerberg maintains overall control.
