Meta公布第三季度财报，营收达到640亿美元，同比增长26%，超越分析师预期4。公司同时宣布成本和支出同比增长68%4。面对持续扩大的AI投资需求，Meta计划创建一类新的非投票股票，通过股票股利分配给现有股东，用于资本筹集、员工薪酬、收购和其他企业用途4。首席财务官Susan Li表示这一举措将在保持现有投票权结构的同时，为公司的战略融资提供灵活性4。
Meta旗下AI助手Muse在美国和加拿大已积累超1000万用户，在App Store上几乎每天都排名第一4。CEO Mark Zuckerberg表示Muse已显示"明确的产品市场契合度"，预期最终能"服务数十亿人"4。与此同时，Zuckerberg宣称Meta将通过扩展来构建超级智能1。
然而，公司不断增加的AI支出引发了华尔街的担忧。Meta宣布2025年AI支出预计将达到140亿美元3，Reality Labs部门预计2026年亏损在180-190亿美元之间4。这些巨大的资本承诺对股价产生了压力，投资者对持续上升的AI成本与Muse增长之间的平衡存在担忧1。Meta新发行的无投票权股票在华尔街引发了进一步的顾虑23。
Meta delivered third-quarter revenue of $64.6 billion, exceeding analyst expectations and representing 26% year-over-year growth.14 The social media giant's performance was driven partly by its artificial intelligence initiatives, particularly the Muse AI assistant, which has accumulated over 10 million users across the United States and Canada.14 CEO Mark Zuckerberg stated the company would "build superintelligence through scaling," underscoring Meta's commitment to expanding its AI capabilities.1
However, investor enthusiasm was tempered by the company's ambitious spending plans. Meta announced that operating expenses and costs increased 68% year-over-year, and projected AI spending will reach $140 billion in 2025.34 The Reality Labs division is expected to post losses between $18 billion and $19 billion in 2026.4 To finance these large-scale investments, Meta introduced a new class of non-voting shares to be distributed to existing shareholders as stock dividends, a move designed to maintain current voting structures while providing flexibility for capital raising, employee compensation, and acquisitions.4 CFO Susan Li explained the new share class would be used for "capital raising, employee compensation, acquisitions and other general corporate purposes."4
Market reaction to the earnings diverged across sources. One report indicated META stock jumped in after-hours trading following the earnings release,1 while another indicated the stock declined 3% due to concerns over the elevated AI spending outlook and its impact on cash flow.2 Zuckerberg emphasized that Muse had demonstrated "clear product-market fit" and could ultimately "serve billions of people,"4 though Wall Street remained concerned about the financial sustainability of Meta's artificial intelligence buildout.3
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