Meta's Q3 2026 results, released October 21, delivered a 14% year-over-year rise in average price per ad alongside 10% higher impressions, driving 26% advertising revenue growth to $63.1 billion. Traders' near-unanimous positioning on the 12-15% outcome reflects this outcome, supported by sustained advertiser demand, AI-enhanced targeting and ranking algorithms that boost ad effectiveness across Facebook, Instagram, and WhatsApp, and steady user engagement with Family daily active people reaching 3.64 billion. Q4 revenue guidance of $73-76 billion reinforces momentum into the holiday season. Potential challenges include macroeconomic pressure on ad budgets, further regulatory costs beyond the reported $9.9 billion legal charge, or shifts in competitive dynamics affecting auction pricing.