Meta Tops Q3 Revenue Estimates, But Earnings Hit By Teen Lawsuit Settlement; Stock Split Creates Class C Shares

Meta reported record third-quarter revenue of $64 billion, exceeding Wall Street expectations of $63.3 billion. Earnings per share reached $3.83, although overall earnings were impacted by a settlement regarding a lawsuit filed for teenage social media users. Following a period of turbulence, Meta's stock recently hit its highest point of the year. Additionally, the company announced a stock split to create Class C shares as part of its latest financial reporting for the July-to-September period.