Meta Earnings Beat Expectations, but Meta Stock Still Plummets

Meta Platforms, the parent company of Facebook, reported strong third-quarter earnings with a 168% year-over-year increase in earnings and a 23% increase in sales. However, Meta's stock fell as investors expressed concerns about the company's commentary on an uncertain advertising environment. Meta's fourth-quarter revenue guidance fell short of analyst expectations, and the company warned about softer ad spend due to the Israel-Hamas conflict. Despite the positive earnings, Meta's stock opened down and continued to fall. Wall Street is also closely watching Meta's hiring and spending plans for the next year.