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Meta drops 6% on cash flow concerns
Meta reported negative free cash flow of $2.12 billion for the third quarter, with capital expenditures rising to a range of $135 to $145 billion for the entire year, due to its expanded investments in artificial intelligence. This caused the company's stock to decline by approximately 6%, while its revenues increased by 26% compared to last year to $64.60 billion, surpassing analyst expectations. Meta also announced a plan to create a new class of non-voting shares to fund growth and indicated the possibility of its CEO, Mark Zuckerberg, leaving California if a wealth tax is approved, due to the potential significant tax obligations it could entail.
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