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Meta's sales rise 26% and it plans new nonvoting shares to pay for AI

Meta reported third-quarter revenue of $64.6B, up 26% from a year earlier. Operating income fell 37% to $12.99B because of a $9.89B charge for a settlement with state attorneys general. Meta says 3.64B people used its apps each day in September, up 3%. It expects to spend $135B to $145B on buildings and equipment this year. It also plans a new class of nonvoting stock to raise money for AI, starting in January 2027. The Wall Street Journal reports that the new stock will not affect Mark Zuckerberg's voting control. Zuckerberg said more than 10 million people have set up an agent in Meta's AI app Muse.

Why it matters: Meta is spending so much on AI that it is creating a new kind of share to pay for it. Shareholders who buy those shares would get no vote.
Earnings reportTechmeme