Meta Platforms reported Q3 2026 revenue of $64.6 billion, up 26% year-over-year and above consensus, with advertising driving the beat and strong Q4 guidance of $73–76 billion. However, the stock fell nearly 7% on October 22 after the company raised full-year capex guidance to $135–145 billion for AI infrastructure, reported negative free cash flow of $2.1 billion, and recorded a $9.9 billion legal charge that pressured operating margins. Shares traded in the $694–705 range early in the week of October 19 before the post-earnings decline to around $649, reflecting trader focus on near-term cash flow strain versus long-term AI monetization potential. Analyst price targets were lifted post-release, underscoring the balance between robust top-line growth and elevated spending.