$Meta Platforms(META.US) call just wrapped up. I think I figured out why $Meta Platforms(META.US) stock is down 9%.Expenses are growing faster than revenue, driven by third party cloud. The last two years it’s been the flip story.March revenue up 16% vs. expenses up 9%,June revenue up 22% vs. expenses up 12%.September revenue up 26% vs. expense up 32%.Next year it's going to be more like 18% revenue growth and 35% expense growth.Source: Gene Munster