Meta beats revenue forecasts but legal costs slash profits

economictimes.indiatimes.com — October 22, 2026 at 04:01 AM UTC

Meta beat investor expectations for third-quarter revenue on Wednesday as it doubles down on a global AI race, but profits fell nearly 50 percent below forecasts due to an $18 billion legal settlement with US states. The company reported $9.86 billion in profits from July to September, dragged down by a $9.9 billion charge from the settlement. Meta also faces a $25 billion penalty in New Mexico over a Cambridge Analytica-related case, plus upcoming youth-related trials in the US. Meta is spending aggressively on AI, with $35 billion in capital expenditures this quarter and over $85 billion this year. It announced a new non-voting stock class to raise funds, potentially helping CEO Mark Zuckerberg manage tax liabilities from California's Proposition 40.

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