Meta cuts 12,000 jobs in a year

What happened: Meta reported third quarter 2026 results, with revenue up 26% year over year and net income up 264%, while headcount fell 15% from a year earlier to 66,775. Key numbers: Revenue $64.601B, up 26%. Net income $9.860B, up 264%. Diluted EPS $3.83. Ad revenue $63.061B, up 26%, about 97.6% of total. Why it matters: AI is improving ad conversion and engagement, and the Muse agent has passed 10 million users in the US and Canada, but heavy infrastructure spending has pushed quarterly free cash flow negative. Management guided fourth quarter revenue to $73B to $76B. Coverage: 3 outlets in 24h

Meta reported third quarter 2026 results, with revenue up 26% year over year and net income up 264%, while headcount fell 15% from a year earlier to 66,775.

AI is improving ad conversion and engagement, and the Muse agent has passed 10 million users in the US and Canada, but heavy infrastructure spending has pushed quarterly free cash flow negative. Management guided fourth quarter revenue to $73B to $76B.