Meta's AI push lifts revenue 26% but demands new non-voting share sale

Meta reported third-quarter revenue of $64.60 billion, a 26% year-over-year increase that beat analyst expectations, and issued an optimistic fourth-quarter forecast, causing its stock to rise 2.5%. The company also introduced a new class of non-voting shares to fund artificial intelligence initiatives. The earnings per share came in at $3.83, though it is unclear if this matches the analyst estimate of $5.75. Meta expects fourth-quarter revenue between $73 billion and $76 billion, with the midpoint of $74.5 billion exceeding the forecasted $73.73 billion. CEO Mark Zuckerberg highlighted milestones including the release of the AI agent Muse and the Muse Wonder model. Meta raised its 2026 capital expenditure forecast to between $135 billion and $145 billion for AI infrastructure. The new non-voting shares, trading in 2027, will also support acquisitions and employee compensation. Zuckerberg agreed to remain in California for eight years under a new stock compensation plan, after opposing a state wealth tax proposal.