Meta Platforms reported stronger-than-expected third-quarter revenue Wednesday and announced plans for a new class of nonvoting shares, as the Facebook and Instagram parent seeks additional financial flexibility for its artificial intelligence expansion.
Revenue reached $64.60 billion for the quarter ended September 30, up 26% from a year earlier. The result exceeded the $63.34 billion expected by analysts. Reported earnings were $3.83 per share, reflecting a substantial legal settlement charge. However, its stock is plunging on Thursday amid a broader rout in the market. It was falling 6.33% at 11:17 a.m. ET after initially jumping in after-hours trading.
