Meta Platforms (META) shares have traded near $620–$630 in mid-November 2026 after pulling back sharply from September highs above $779, reflecting profit-taking and digestion of third-quarter results. Revenue rose 26% year-over-year to $64.6 billion, driven by a 14% increase in average ad prices and 10% growth in impressions, as AI tools improved personalization and conversion rates across the Family of Apps. However, a $9.9 billion legal settlement charge compressed operating margins to 20% and free cash flow turned negative amid $34.9 billion in quarterly capex. Traders are weighing sustained ad momentum and $73–76 billion fourth-quarter revenue guidance against elevated 2026 capital spending of $135–145 billion and the stock’s 21x trailing earnings multiple. Month-end resolution will hinge on any late-November catalysts such as macroeconomic data or further AI monetization updates.