Tesla TSLA$386.48·Market Closed third-quarter revenue of $28.05 billion was below Street consensus of $28.13 billion; EPS of $0.48 beat forecasts for $0.44.
Automotive revenue of $20.56 billion topped forecasts for $19.83 billiion.
Free cash flow of $1.53 billion beat estimates for negative $4.99 billion.
The company continues to hold 11,509 bitcoin, worth about $1 billion at today’s current price just above $84,000.
Meta META$698.12·Market Closed reported third-quarter revenue of $64.6 billion, up 26% year-over-year and topping forecasts for $63.33 billion.
EPS of $3.83 was shy of estimates for $5.89.
The company lifted the low end of full-year expected capex spending, now seeing $135-$145 billion versus $130-$145 billion previously.
Fourth-quarter revenue guidance is $73-$76 billion, versus forecasts of $73.7 billion.
As reported earlier today, the company indeed has established a new non-voting class of stock. The move will allow the company to raise necessary capital for its AI spend, but without diluting CEO Mark Zuckerberg’s controlling stake.
Shares are higher by 3.2% in after-hours trading.
Ahead of Meta’s META$698.12·Market Closed earnings results after the close today, Semafor is reporting that the company plans to introduce new non-voting shares, perhaps as soon as today.
The move would come as the company — along with other hyperscalers — looks to raise substantial capital to buy chips, secure energy, and acquire talent in the AI race.
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