Meta Q3 revenue hits $64.6B as Muse tops 10M users

Meta is scheduled to report its third-quarter results after the U.S. market close on October 21. Ahead of the release, BofA Securities analyst Justin Post projected quarterly revenue of about $63.8 billion, slightly above the $63.3 billion consensus, citing channel checks in the advertising market that pointed to healthy growth. BofA kept its Buy rating and $810 price target on the stock.

BofA's model also accounts for a one-time $10 billion state attorneys general settlement accrual, which it expects to push third-quarter GAAP operating income down to $11.5 billion, well below the $18.6 billion consensus. EPS would fall to $3.79, compared with the $6.08 the market expects. Excluding that non-recurring item, BofA estimates earnings above consensus.

The report frames the real point of contention as lying beyond the quarter itself: whether Meta can balance 2027 capital spending against AI monetization, a question seen as determining how the stock moves after the results. The analyst warned that shares could come under pressure if management signals further increases in 2027 capex or operating expenses, or if AI monetization arrives later than expected. The results have not yet been published, and all figures above are BofA's pre-earnings estimates, which differ from the broader market consensus.