Meta 表现非常好：营收增长26%至646亿，指引强劲，但99亿美元的法律费用使每股收益从7.40降至3.83；自由现金流为负21亿令人担忧，同时AI资本支出指引上调至1350-1450亿美元区间。
逐段跳播
接下来看看 Meta，它公布了营收数据，数据很不错，给出的指引看起来也很强劲，对吧？我知道她承受着压力，但总体来看，从 Meta 这一叙事内部的情况以及相关新闻来看，一切看起来都不错。
Let's move on to Meta, which announced revenue figures, good revenue figures, and guidance that also looked strong, didn't it? I know she was under pressure, but overall, things look good in terms of what's going on inside the "Meta" story and the news, of course.
财报发布后股价下跌了2.3%，但他们实现的数字令人印象深刻。现在，最重要的一点是：每股收益为3.83美元，但如果不计法律费用，本应是7.40美元。
The stock fell 2.3% after the earnings, but the numbers they achieved were impressive. Now, here's the most important thing: earnings per share were $3.83, but without legal fees it would have been $7.40.
所以，Meta 经营得非常好，但这些法律费用影响了整体每股收益。
So, Meta is doing very well, but these legal fees have impacted the overall earnings per share.
营收达到646亿，同比增长26%；这超出了市场一致预期。按照公认会计原则，营业利润为130亿美元，而正如我所说，如果不计法律费用，本应是228.8亿美元。
Revenues reached 64.6 billion, an increase of 26% year-on-year; This exceeded the consensus expectations. Operating income is $13 billion according to Generally Accepted Accounting Principles, and as I said, it would have been $22.88 billion without legal fees.
至于自由现金流，这里就有点令人担忧了：负21亿美元，主要受巨额资本支出推动。资本支出数字为349亿，主要由人工智能基础设施推动。
As for free cash flow, here things get a little worrying: negative $2.1 billion, driven by huge capital expenditures. Capital expenditure figure is 34.9 billion, driven by artificial intelligence infrastructure.
而且我认为，要记住，第三季度记录了99亿美元的费用，与2016年8月的心理健康和解有关。
And I think, remember, charges of $9.9 billion were recorded in the third quarter relating to the mental health settlement in August 2016.
所以，MetaPlatforms 远不止这些，这份财报中因那场法律纠纷扣除了99亿美元，Nicole。是的，而且你看，我们得到了关于 Muse 的好消息，对吧？Muse 智能体现已被广泛采用，下载量超过1000万次，在应用商店排名第一。
So, MetaPlatforms goes beyond all that, with $9.9 billion being deducted from this earnings report for that legal battle, Nicole. Yes, and look, we had great news about "Muse", didn't we?
The "Muse" agent, which has been widely adopted now with over 10 million downloads, is number one in the app store.
Mark Zuckerberg 说：“我认为那很重要。”另外，他们把资本支出提高到超过1350亿，对吧，从1300亿提高的？
Mark Zuckerberg said, "I thought that was important." Also, the capital expenditures that they are raising to more than 135 billion, right, from 130 billion?
我知道那有一个区间，这显示出信心。最后但同样重要的是，为资助人工智能开发而设立的无投票权股权类别是另一条重大新闻。
I know there is a range for that, and that shows confidence there. Last but not least, the non-voting equity class for funding AI development is another big piece of news.
正是如此，他们在资本支出方面所做的就是把区间下限提高到1.35亿。所以现在的区间是1.35亿到1.45亿。是的，发行新股，发行了很多，你要知道，目的是让 Mark Zuckerberg 在未来八年留在加州，因为财富税。
Exactly, what they did with regard to capital expenditures was raise the minimum range to 135 million. So the range is now from 135 to 145. Yes, issuing new shares, lots of it, just so you know, was with the aim of keeping Mark Zuckerberg in California for the next eight years because of the wealth tax.
他曾威胁要搬出加州。所以这是一种金融工程手段，把他留在加州，在筹集资金的同时保持对股票的投票控制权。是的，Meta Platforms 有一些有趣的会计操作，但他们能够为资本支出筹集资金，同时不损害 Mark Zuckerberg 的投票权，并保护他免受加州财富税的影响，Nicol。
He was threatening to move out of California. So this is a financial engineering method to keep him in California, maintain voting control over the stock while raising money at the same time.
Yes, there is a little interesting accounting work at Meta Platforms, but they are able to raise money for their capital expenditures without harming Mark Zuckerberg's voting power and protecting him from California's wealth tax, Nicol.
这个频道对 $META 的历次判断
Schwab Network 在这只股票上共 29 条判断，这里只列相邻的几条。