Economy / Markets
Meta beats estimates and plans non-voting stock to fund AI
Meta reported third-quarter revenue of $64 billion, up 26% from a year earlier and ahead of expectations, while costs and expenses rose 68%. On the call chief financial officer Susan Li confirmed plans for a new class of non-voting stock distributed to existing holders through a stock dividend, usable for raising capital, employee compensation and acquisitions while preserving current Class A and B voting power. Mark Zuckerberg said more than 10 million people in the US and Canada have set up Muse agents, about a quarter use them daily, and heavy shoppers average baskets above $200.