What you need to know • Meta earned $51.2 billion in revenue, mainly advertising, but just $2.7 billion in net income thanks to a One Beautiful Bill income tax and AI infrastructure CapEx. • Reality Labs lost $4.4 billion this quarter, and is expected to do worse next quarter without a new Meta Quest launch. • Instagram and Threads user count rose to 3 billion and 150 million, respectively. • The company will continue to invest tens of billions in Meta Superintelligence Labs in 2026, and may lose money on lawsuits related to child safety.

Meta is earning more advertising revenue than ever, and keeping people on its apps for longer, using AI, Mark Zuckerberg boasted during Meta's Q3 2025 earnings call. But it's also spending tens of billions on AI infrastructure to "front-load" com

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