Meta 的抛售反映的是支出吞噬了营收增长：自由现金流自2012年以来首次为负，且计划进一步加大支出；新增股份类别稀释了C类股东，创始人的投票权从60%降至53%；作为对冲，广告展示量增长10%，单条广告价格增长14%。
逐段跳播
关于 Meta，有什么值得说的吗？股价跌了8%。Meta 昨晚盘后发布财报后，本来收获了很多称赞，股价一度涨到接近750。
is it anything worth saying on Met on Meta? Is the stocks down 8%. Meta after hours last night after the report was getting a lot of pats on the back. The stock traded up to 750 almost.
现在变成650了，差不多是14%的波动。所以我听了电话会。我听了电话会，基本上就是一场关于 Muse 的电话会。整场都在讲 Muse。对，就是他们的新智能体。有1000万人在用。
而且它完全是面向白领的，面向那些处理日程、邮件、购物的人。Stripe 或 Plaid 从没见过这么大的平均客单价，每笔200美元。它是给有钱人用的，随便吧。
It's now 650. It's like a 14% swing. So I listened to the call. I listened to the call and it was basically a uh it was a call for Muse. It was It was all about Muse. Yeah. The entire which is their new agent.
There's 10 million people using it. Um and it's all for white collar workers. It's all for people that are doing their calendars, their emails, their shopping. Stripe or Plaid has never seen the average ticket size as big.
It's $200 per purchase. It's for people with money that whatever.
你对新的股份类别怎么看？我的意思是，我觉得那是在讨好所有人。不，他必须这么做，因为他迟早要做 ATM 增发，他对此有安排，而且他得用大量新资本来融资。好吧，
Um, how did you feel about the new share class for uh I mean I I thought that that was um uh please everybody. No, he has to cuz he's going to be he's going to be doing ATM uh offerings at some point and he's got a plan for that and like he's going to have to finance a lot with new capital. Well,
而且稀释 C 类股东、让自己不被稀释，成本更低。所以他会这么做。他的投票权股份会从60%降到53%。抱歉打断你。我忘了把这个做成正式的图表，红线是费用，蓝线是营收增长。
and it's cheaper to cheaper to dilute C the C shareholders, keep himself from being diluted. So, he's going to do it. Well, he would go from 60% to 53% of the voting shares. Look, sorry to cut you off.
I forgot to put this into a proper chart, but the red line is expenses and the blue line is uh revenue growth.
红线在走……哦，看这个，看自由现金流这张图。这才是真正的关键。我的意思是，这简直令人作呕。这曾是资本主义历史上最赚钱的三项业务之一。
And the red is going Oh, do this one. Do the free do the free cash flow chart. This is really the story. I mean, it's just disgusting. Uh this was the one of the three most profitable businesses in the history of capitalism.
是的。而现在他们把这些钱全花出去了。这是他们自2012年以来第一个自由现金流为负的季度，而且这还不够，他们需要更多。
Yes. And now they are go they are spending it all. This is their this is their first negative free cash flow quarter since 2012 and it's and it's not enough. They need more.
电话会里一些好的方面：广告展示量同比增长10%，这就是 AI 的投资回报，他们投放广告的能力变强了。平均每条广告价格涨了14%。有36.4亿人在使用他们的应用。
Um some of the good stuff from the call ad impressions up 10% year-over-year. That's AI ROI. Like they get better at serving ads. Average price per ad plus 14%. Um 3.64 billion people using their apps.
这里还有一条，这里有一段引述。回到我们之前说的“早期黑暗社会”那个话题，推动我们营收表现的主要有两个因素：一是我们为社区提供引人入胜的体验的能力，也就是让人上瘾的能力；二是我们将这种参与度变现的效率。
这就是他们在做的事。就是这个。这就是他们的商业计划。
Here here's one more here's a quote. Uh getting back to our early dark society kind topic, there are two primary factors that drive our revenue performance. One, our ability to deliver engaging experiences for our community, our ability to addict, and two, our effectiveness at monetizing that engagement.
That's what they're doing. And that's and that's the one. That's it. And that's and that's the business plan.
这个频道对 $META 的历次判断
The Compound 在这只股票上共 4 条判断，这里只列相邻的几条。