$Meta Platforms(META.US) just erased about $245 billion in market value from its post-earnings highThe stock jumped as h…

$Meta Platforms(META.US) just erased about $245 billion in market value from its post-earnings high

The stock jumped as high as $748.80 after hours Wednesday, up 7.4% on a revenue beat

It is now trading near $653, down 6.4% on the day, per Yahoo Finance data

What changed overnight was the fine print

Meta's 10-Q filed this morning shows about $825 billion in future leases and contracts, much of it tied to AI data centers and cloud capacity, up from nearly $700 billion disclosed in July per Bloomberg

That includes $454.52 billion in non-cancelable commitments, with $121.41 billion due in 2027 alone

Q3 revenue grew 26% to $64.60 billion, but free cash flow was negative $2.12 billion after $34.91 billion of capex

Meta also created a new non-voting Class C stock that it says can be used for future capital raises

The ad business is still growing fast. The market is now pricing what it costs to keep up in AI, and a quarter that looked like a beat at 4 PM turned into a balance sheet question by the morning

Source: StockMarket.News