Hi YXI friends,
Meta posted its best advertising quarter in its history but its worst cash quarter since 2022. Revenue grew 28% YoY. Operating income fell 8% YoY. Free cash flow was $784 million against $31.1 billion of capital spending. The market was not happy.
Then the market changed its mind. Muse, the personal agent Meta shipped on September 8, went to number one on the US iOS free chart, and the stock rose 11% this Monday alone. That takes it up 36% in a month and back to within 5% of its 52-week high.
Today we go through the signals, the June quarter, the capital programme, the valuation and the chart.
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