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All values as of 6 AM ET / 3 AM PT, other than S&P500 close (4 PM ET / 1 PM PT).
All times are ET.
1. Meta has record profits ($11.6B), as revenue +24% and operating margin 2x’ed to 40%
Revenue grew in all regions in Q3:
Expenses were cut in all major categories
Reality Labs, Meta's VR segment, continued its heavy losses, at -$3.74B
Net income was +164% to $11.6B, surpassing the Q4 2021 high
Monthly active users continued to trend higher, at 3.96B
Meta stock initially rose, then fell after guidance of potential ad softness tied to Israel-Hamas war
Threads has “just under” 100M MAUs. - The Verge
Read more: CNBC, earnings release, earnings slide
2. Sam Bankman-Fried's lawyers hint he may testify in criminal trial
SBF's lawyers want him to testify about the alleged:
Involvement of legal counsel in SBF's decisions (suggesting a non-criminal state of mind).
Industry practices that would make it normal to commingle customer funds with company funds.
Compliance with Bahmas authorities on Nov. 12, 2022. SBF will say he was acting in the interest of FTX's customers.
The judge can still prohibit some of these questions.
SBF can also still opt not to testify. - CNBC, court filing
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