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Meta reported third-quarter revenue of $64.60 billion, up 26% and above the $63.37 billion analysts expected, and guided fourth-quarter revenue to $73 billion to $76 billion. The stock rose after hours on October 21 but fell almost 7% on October 22.

CNBC reports free cash flow was negative $2.12 billion in the quarter, and Meta raised the floor of its full-year capital spending forecast to $135 billion to $145 billion (from a $130 billion bottom). The spread on Meta's five-year credit default swaps hit an all-time high.

Meta also announced a nonvoting Class C stock, to be distributed to all shareholders as a dividend starting January 2027, which CNBC describes as effectively a 2-for-1 split. Meta says it is meant to keep its "founder-led structure" and help finance growth. The SEC filing says Mark Zuckerberg could leave California if the proposed state wealth tax passes, and that he committed to stay for eight years as part of the new stock plan. Meta's workforce shrank 12% in the quarter to 66,000.

Tesla reported third-quarter adjusted earnings of 48 cents a share on revenue of $28.05 billion, both above LSEG estimates, on October 21. Automotive revenue fell 3% to $20.56 billion and energy revenue fell 16%, while services and other revenue rose 33%. Tesla cited lower average prices and trouble securing battery supplies.

Net income attributable to shareholders fell 29% to $787 million. CNBC reports capital spending more than doubled to $3.73 billion, driven by Optimus robots and other AI work, and free cash flow fell 62% to $1.53 billion. Active FSD subscriptions rose 67% to 1.74 million.

Musk said the driverless Robotaxi fleet should start contributing to results in 2027, and declined to add to his SpaceX merger comments from the day before. Shares slid more than 3% after hours and ended about 3% lower on October 22, per Yahoo Finance.