TrendRundown › Business & Money · updated Oct 21, 2:22 PM EDT

Why is “Meta Stock” trending?

Meta reports Q3 results as a New Mexico $25 billion penalty lands

Interest in Meta stock is rising around two developments that landed on the same day. Meta was scheduled to release its third-quarter results after the market closed on Wednesday, October 21, 2026, the first major report of Big Tech's earnings season. Analysts polled by Bloomberg expected earnings of about $3.56 per share and revenue near $63.3 billion, compared with $1.05 per share and $51.2 billion a year earlier. Capital spending was projected to rise roughly 117% to $41 billion, and Reality Labs was expected to post an operating loss of about $5.2 billion. Investors are watching closely because Meta is one of the largest AI spenders, and Bloomberg reported that a weak result could add to existing worries about the AI trade.

Separately, a New Mexico court ordered Meta to pay $25 billion in penalties, according to a court filing reported by CNBC. The case stems from the Cambridge Analytica scandal and a September jury finding that the company misled state residents about data privacy and the handling of harmful content. The jury counted more than 43 million violations under the state's unfair practices law, with a maximum of $5,000 each, but the judge set the final amount, which was reduced from a much larger figure the filing cited. The judge also said interest would accrue at 15% a year until the fine is paid. CNBC said it had contacted Meta for comment, and the company's response was not reported in the sources reviewed.

Key facts

• Meta was set to report third-quarter 2026 results after the close on Wednesday, October 21.
• Bloomberg analyst consensus expected about $3.56 EPS and $63.3 billion in revenue, versus $1.05 and $51.2 billion a year earlier.
• Projected capital expenditures were about $41 billion, up roughly 117% year over year.
• A New Mexico judge ordered Meta to pay $25 billion over privacy and consumer-protection violations, according to CNBC.
• The penalty is tied to the Cambridge Analytica scandal; the judge set interest at 15% a year until paid.

What we don't know yet

It is not yet clear how Meta will respond to the $25 billion penalty, whether it will appeal, or how the quarterly results will be received by investors.

Our summary of reporting by Politico, Yahoo Finance, Bloomberg.com, CNBC, Reuters, The New York Times. Written with AI assistance and checked against the sources; read the full stories at the links below. Updated Oct 21, 2:23 PM EDT.

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What the headlines say

• PoliticoLabor women confronted Meta about threats to Australian MPs before Haines attackOct 21, 2:16 PM EDT
• Yahoo FinanceMeta earnings live: Meta Q3 earnings to test Wall Street's stomach for AI spendingOct 21, 2:00 PM EDT
• Bloomberg.comMeta Earnings Will Provide a Gut Check for Struggling AI TradeOct 21, 2:00 PM EDT
• CNBCMeta ordered to pay $25 billion penalty in New Mexico Cambridge Analytica caseOct 21, 2:00 PM EDT
• ReutersMeta ordered to pay $25 billion to New Mexico after jury finds company misled consumers about data privacyOct 21, 2:00 PM EDT
• The New York TimesMeta Ordered to Pay $25 Billion for Deceiving Users on PrivacyOct 21, 2:00 PM EDT
• NBC NewsNew Mexico awarded $25 billion civil penalty against MetaOct 21, 1:56 PM EDT
• AxiosMeta hit with $25 billion penalty for misleading Facebook usersOct 21, 1:45 PM EDT
• AP NewsMeta ordered to pay New Mexico $25 billion after Cambridge Analytica trialOct 21, 1:23 PM EDT
• Yahoo FinanceMeta ordered to pay New Mexico $25 billion over Cambridge Analytica breachOct 21, 1:18 PM EDT
• Barron'sIf There’s a Market Bubble to Pop, Meta Earnings Hold the PinOct 21, 12:48 PM EDT
• CNBCMeta and Tesla bulls get confidence boost after SpaceX earningsOct 21, 12:35 PM EDT
• CNBCMeta stock advances ahead of after-the-bell earnings. What we're looking forOct 21, 12:00 PM EDT
• Barron'sSpaceX, Tesla, Meta, Nvidia, Intel, Netflix, AT&T, and More Stocks That Explain Today’s MarketOct 21, 11:56 AM EDT
• CNBCOptions Action: Unusual call buying in MetaOct 21, 11:19 AM EDT
• ReutersBreakingviews - COMMENTARY: Meta's costly Muse calls for rethink on profitOct 21, 10:41 AM EDT
• Yahoo FinanceMeta Earnings Prediction Market Preview: What Will Mark Zuckerberg Say?Oct 21, 9:36 AM EDT
• Yahoo FinanceMeta Heads Into Earnings With 29% Upside on Our ModelOct 21, 9:30 AM EDT
• Yahoo FinanceJim Cramer and a Billionaire Like Meta (META) Stock Despite AI CapEx ConcernsOct 21, 9:23 AM EDT
• Yahoo FinanceWhat It Will Take to Get Meta Above This New PlateauOct 21, 8:45 AM EDT
• Yahoo FinanceZacks Investment Ideas feature highlights: Meta Platforms, Bloom Energy and Western DigitalOct 21, 8:32 AM EDT
• Yahoo FinanceMeta and Google are about to have a consumer AI showdownOct 21, 6:00 AM EDT
• Business InsiderMuse and agentic AI are in the spotlight as investors head for Meta's Q3 earningsOct 21, 5:45 AM EDT
• The GuardianBattle over Meta’s alleged Bolsonaro bias intensifies days before Brazil presidential runoffOct 21, 4:48 AM EDT
• AxiosExclusive: Joel Kaplan leaving Meta after 15 years as policy chiefOct 21, 4:30 AM EDT

How the story unfolded

• Oct 20, 2:41 PM EDT — Yahoo Finance: Meta Q3 earnings to test Wall Street's stomach for AI spending
• Oct 21, 4:30 AM EDT — Axios: Exclusive: Joel Kaplan leaving Meta after 15 years as policy chief
• Oct 21, 4:48 AM EDT — The Guardian: Battle over Meta’s alleged Bolsonaro bias intensifies days before Brazil presidential runoff
• Oct 21, 5:45 AM EDT — Business Insider: Muse and agentic AI are in the spotlight as investors head for Meta's Q3 earnings
• Oct 21, 6:00 AM EDT — Yahoo Finance: Meta and Google are about to have a consumer AI showdown
• Oct 21, 8:32 AM EDT — Yahoo Finance: Zacks Investment Ideas feature highlights: Meta Platforms, Bloom Energy and Western Digital
• Oct 21, 8:45 AM EDT — Yahoo Finance: What It Will Take to Get Meta Above This New Plateau
• Oct 21, 9:23 AM EDT — Yahoo Finance: Jim Cramer and a Billionaire Like Meta (META) Stock Despite AI CapEx Concerns
• Oct 21, 9:30 AM EDT — Yahoo Finance: Meta Heads Into Earnings With 29% Upside on Our Model
• Oct 21, 9:36 AM EDT — Yahoo Finance: Meta Earnings Prediction Market Preview: What Will Mark Zuckerberg Say?
• Oct 21, 10:41 AM EDT — Reuters: Breakingviews - COMMENTARY: Meta's costly Muse calls for rethink on profit
• Oct 21, 11:19 AM EDT — CNBC: Options Action: Unusual call buying in Meta

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