Decent set of Tech earnings today…
META +4%: Revenue beat both Street and the buyside bar, and the top of the 4Q guide is above the ~$75B bogey. Overall, solid set of numbers but investors remain braced for a potential equity raise (lets see if we get any info on the call on timing).
3Q came in above the top of the guide, driven mainly by pricing (price per ad +14%, impressions +10%). The FY26 expense guide goes to $175–179B, but that’s just the $9.9B AG charge added on top. Ex the charge it’s still $165–169B, a bit of a relief. Capex was narrowed by raising only the low end, so the midpoint is now $140B. That’s a little short of the $140–145B buyside had, so a slight letdown for AI semi bulls and a small positive for META longs.