Daniel Pronk on $META (Oct 28, 2026)

And also just as there was a lot of noise in Meta's cash flow statement this quarter.

Therefore, Google is similar to Meta and Amazon, as it has become negative free cash flow in order to build AI infrastructure.

which is also interesting because Meta's business continues to achieve growth rates exceeding 20% and maintains growth of around 25%. So, to me, the fact that Google's advertising activities are slowing down while Meta continues to grow by more than 25% makes Meta's earnings look much better by comparison.

Another thing I do every quarter is track the growth of advertising revenue for Google, Meta, and Amazon. However, this first graph is the net additions in advertising revenue for each quarter .

You can see that Meta is the victor. Meta added $13 billion in advertising revenue in the third quarter compared to $7.8 billion for Google. This means that Meta is attracting more advertising dollars than Google and is growing faster now.

I also do the same thing with the figures for the past 12 months . Here you can see that Meta is following Google's advertising activity. At this rate, Meta is on track to overtake Google in the next two quarters.

This will officially make Meta the world's largest digital advertising company. And again, I think this will happen very soon.

The next slide shows the total growth in advertising revenue for these companies since the second quarter of 2021 when they began tracking these metrics. Here we can see that Meta continues to grow strongly, while you can notice that Google's advertising activity is slowing down.

Meta has achieved overall growth of 131% compared to 100% for Google since the second quarter of 2021.

Once again, all of this indicates that Meta's advertising business is doing very well. Google's report makes Meta's numbers look much better than that.

They kept their 2026 capital expenditure guidance within range, but said 2027 spending would increase significantly, just as Meta also indicated.

It is also clear that Meta is winning in the field of digital advertising and attracting more advertising revenue.

But overall, I still think Meta and Amazon are cheaper, and my focus will be on buying more Amazon and Meta shares in my portfolio rather than adding more Google here, simply because I think those companies still offer much greater value.