Meta Platforms reported third-quarter revenue of $51.24 billion, surpassing analyst expectations. However, the company's earnings per share came in at $1.05, well below estimates, primarily due to a one-time, non-cash income tax charge of $15.93 billion. Excluding this charge, the adjusted earnings per share would have been $7.25. The strong revenue performance was overshadowed by the company's forecast for significantly higher expenses in 2026, driven by major investments in artificial intelligence infrastructure and the recruitment of specialized AI talent. This projection of increased spending raised investor concerns, leading to a drop of over 6% in Meta's stock price in after-hours trading. Despite the market's reaction to the cost forecast, the company showed continued user growth, with daily active users across its family of apps reaching 3.54 billion, an 8% increase year-over-year. For the fourth quarter of 2025, Meta anticipates revenue to be between $56 billion and $59 billion.