Meta Stock Drops 7% After one-Time Expense of $16 Billion in the Third Quarter

Meta Platforms recorded a one-time expense of $16 billion in the third quarter, triggered by the implementation of a newly enacted US tax law. This burden dramatically impacted net profit: earnings dropped to $1.05 per share, down from $6.03 per share in the same period last year. Without this special effect, net profit would have been $7.25 per share. Meta's stock fell about 7% in after-hours trading. Significant increase in costs Total expenses climbed by 32% to $30.71 billion, primarily due to rising research and development costs. Meta emphasized...