META本季度表现强劲：营收超预期，每股收益未达预期仅因一次性成本，剔除该成本后每股收益高于预期，且指引更佳；自由现金流为负，因资本开支超过经营现金流，同时资本开支指引上调。扎克伯格将Muse视为长期收入驱动力，尽管目前97%的收入来自广告。

Okay Kevin, before we get into companies like Meta and Tesla, let's talk about the big picture.

Let's move on to some of the companies that have announced their earnings. Regarding "Meta", I know that you were the first to report the news when the numbers were first released.

When I was observing the market's reaction after working hours, it appeared to be a positive reaction. Now, we are facing some pressure. It seems that this is not about the "Meta" company, but let's review some of your conclusions.

Yes, I agree with that. I think it's a kind of "buy the rumor, sell the news" event. We saw the company announce revenues of $64.6 billion. It exceeded market expectations of $63.37 billion.

When you look at the adjusted earnings per share, there has been a decline. These profits reached $3.83. The market expectation was $5.46. But the reason for this decline is due to a cost of $9.89 billion during the quarter.

This cost could reach $18.6 billion after everything is completed. Therefore, if you exclude this quarterly cost, earnings per share would be around $7.40, which is much higher than market expectations.

That's why we saw this slight variation. Now, free cash flow came in negative, at $2.12 billion, because we see capital spending exceeding the operating cash flows generated from its day-to-day business.

As for future guidance, it is again better than market expectations in some aspects. Fourth quarter revenues, averaging $75 billion. Market expectations were around $73.7 billion.

Subsequently, the capital expenditure guidelines were revised upwards. The lower end of this range is now $135 billion to $145 billion. They have effectively raised the minimum threshold by $5 billion upwards.

Looking at the news, it has also clearly attracted a great deal of attention. They will incorporate that into "Meta" glasses. They had more than 10 million users in the United States and Canada who had set up proxies, so to speak, during the past six weeks.

But the most important news for me, and I believe it is the reason for the initial rise, is the fact that they will issue some Class C shares for every Class A or Class B share.

This action will be effective from January 2027. Therefore, this will effectively result in a two-for-one stock split. But this preserves Mark Zuckerberg's rights regarding voting control of the company, and will not again dilute the value of Class A shares.

This is another way they will raise capital to fund AI expenses, and it is unique compared to what we have seen from other companies that have issued a lot of debt to fund AI capital spending.

So, the arrow initially moved upwards. But we are currently experiencing a decline. Once again, it was a "buy on the rumor, sell on the news" kind of event, but this quarter was really good, and it included a lot of information not only in the earnings report, but also in the conference call.

Mark Zuckerberg seemed very happy. Yes, I mean, one of the things that really caught my attention was his belief that Muse might eventually generate more revenue per user than their family of apps, which already earns hundreds of dollars per user annually.

So, he's looking at Muse and the AI story as a major long-term revenue driver, and I think that's a big statement, to say the least, because we already know that 97% of their revenue right now is advertising and traditional.

So, they are expanding and trying to adjust their portfolio. He is very optimistic about this, and I think this was probably the biggest headline to emerge. We know that the "Muse Charm" will be released soon, and they will also have some smaller models to be more portable.

But overall, this is a strong quarter, and they seem to have a vision, providing more information about their business outlook than we have seen in the past. That was one of the challenges Meta faced in their group calls.