Meta recorded record revenue, profits slashed by one-time tax charge

Meta Platforms (META. O) reported third-quarter results on Wednesday, with record revenue, but the company warned that capital spending would continue to rise in the future, sending shares down about 8% at one point in after-hours trading. The company said third-quarter revenue was $51.20 billion, a 26% increase from a year earlier; net profit was $2.70 billion, well below analysts' expectations. The company attributed the sharp drop in net profit to a one-time tax charge of $15.93 billion recognized in the push for Trump's "Big Beauty Act." Meta expects fourth-quarter revenue to be between $56 billion and $59 billion, roughly in line with market expectations. The company also said it expects total spending to grow significantly faster in 2026 than in 2025, mainly due to higher infrastructure costs, including higher cloud computing spending and higher depreciation expenses. Meta will also raise its forecast for capital spending in 2025, which is expected to be between $70 billion and $72 billion, compared with a previous forecast range of $66 billion to $72 billion.