Profits crashed 83% despite revenue soaring 26%
En un momento en que la política fiscal redefine los límites del capitalismo tecnológico, Meta presentó esta semana resultados que ilustran la tensión entre el poder de mercado y la autoridad del Estado: ingresos récord de 51.200 millones de dólares conviven con un desplome del 83% en beneficios netos, consecuencia directa de la reforma tributaria de Trump, que eleva la tasa efectiva sobre márgenes operativos al 87%. La empresa de Zuckerberg encarna así una paradoja moderna: cuanto más crece, más paga; y cuanto más paga, más invierte para sobrevivir.
- Los beneficios netos de Meta se hundieron un 83% hasta los 2.700 millones de dólares, a pesar de que los ingresos superaron todas las previsiones de Wall Street con 51.200 millones.
- La reforma fiscal de Trump transformó una tasa impositiva del 12% en una carga del 87% sobre los márgenes operativos, convirtiendo un trimestre sólido en uno devastado.
- Las acciones cayeron un 7% en el mercado fuera de horas, señal de que los inversores temen que el entorno fiscal actual erosione la capacidad de la empresa para generar valor.
- Meta no se repliega: anuncia un aumento del gasto de capital a entre 70.000 y 72.000 millones de dólares para construir la infraestructura de IA que considera esencial para su futuro.
- La compañía proyecta que la presión fiscal estadounidense bajará al 12-15%, pero ese alivio aún no tiene fecha, y los costes operativos ya crecieron un 32% interanual.
Meta llegó a la temporada de resultados con una contradicción inscrita en sus cuentas: ingresos disparados, beneficios por los suelos. La compañía —propietaria de Facebook, Instagram y WhatsApp— registró 51.200 millones de dólares en ingresos durante el tercer trimestre, un 26% más que el año anterior y por encima de los 49.400 millones que esperaba el mercado. La apuesta por la inteligencia artificial parecía rendir frutos: desde el lanzamiento de Vibes, su función generadora de vídeo con IA, las descargas de su aplicación han crecido un 56% mensual.
Pero el beneficio neto contó otra historia. Los 2.700 millones de dólares obtenidos —1,05 dólares por acción— suponen una caída del 83% respecto al mismo período del año anterior. La causa, según la propia empresa, es la reforma fiscal de Donald Trump: donde antes pagaba un tipo efectivo del 12% sobre sus márgenes operativos, ahora abona el 87%. Esa diferencia es la que separa un trimestre rentable de uno arrasado. La acción cayó un 7% en el mercado fuera de horas.
Zuckerberg no espera un alivio inmediato, aunque sí lo anticipa: Meta proyecta que la presión fiscal estadounidense se moderará eventualmente hasta el 12-15%, todavía por encima de los niveles previos a la reforma. Mientras tanto, la empresa absorbe el golpe sin frenar la inversión. Al contrario: ha elevado su previsión de gasto de capital a entre 70.000 y 72.000 millones de dólares, superando su propia guía anterior, para financiar centros de datos e infraestructura de IA. Los gastos operativos ya saltaron un 32% interanual hasta los 30.700 millones.
Meta apuesta, en esencia, a que sobrevivir al presente fiscal y seguir construyendo capacidad en IA le permitirá salir reforzada cuando —o si— la carga tributaria se alivie. Es una apuesta de alto riesgo, y la reacción inmediata del mercado sugiere que los inversores aún no están convencidos de que pueda salir bien.
Meta walked into earnings season this week with a paradox written across its balance sheet: revenue soaring, profits collapsing. The social media giant—which owns Facebook, Instagram, and WhatsApp—reported third-quarter results that told two entirely different stories depending on which line item you read.
On the surface, the numbers looked strong. Meta pulled in $51.2 billion in revenue, beating Wall Street's forecast of $49.4 billion and marking a 26 percent jump from the same quarter last year. The company had been banking on artificial intelligence to drive growth, and the bet seemed to be paying off. Since launching Vibes, a feature that generates video content using AI, downloads of Meta's AI app have climbed 56 percent month over month. The company had positioned AI-generated advertising as one of its most powerful weapons in the fight for user engagement and advertiser dollars.
But then came the bottom line. Net profits crashed to $2.7 billion, or $1.05 per share—an 83 percent nosedive compared to the same period a year earlier. The stock fell 7 percent in after-hours trading. The culprit, Meta said plainly, was Donald Trump's tax reform. Under the new rules, the company now pays an effective tax rate of 87 percent on its operating margins. Before the reform, that rate sat at 12 percent. The difference between those two numbers is the difference between a profitable quarter and a gutted one.
Mark Zuckerberg's company is not expecting relief anytime soon, though it is hoping for some. Meta projects that U.S. tax pressure will eventually fall to somewhere between 12 and 15 percent—still substantially higher than the 12 percent it paid before Trump's changes took effect. For now, the company is absorbing the hit.
What makes the earnings report particularly striking is what Meta is doing in response: doubling down. The company announced it will increase capital expenditures to between $70 billion and $72 billion, surpassing its own earlier guidance of $66 billion to $72 billion. These are not modest numbers. They represent the infrastructure costs of building out massive data centers and cloud systems to power the AI systems Meta believes will define the next era of computing. The company warned investors that these expenses will accelerate sharply in 2026, driven largely by the cost of building and maintaining AI infrastructure.
So Meta finds itself in an unusual position: hammered by taxes, still investing aggressively. Operating expenses jumped 32 percent year over year to $30.7 billion, up from $23.2 billion in the prior year. The company is essentially betting that if it can survive the current tax environment and keep building its AI capabilities, it will emerge stronger when—or if—the tax burden eases. It is a high-stakes wager, and the market's immediate reaction suggests investors are nervous about whether the company can pull it off.
Citações Notáveis
Meta attributed the profit collapse directly to Trump's tax reform, which forced the company to pay 87% of operating margins in taxes.— Meta earnings report
The company expects U.S. tax pressure to eventually fall to 12-15%, still above pre-reform levels.— Meta guidance
A Conversa do Hearth Outra perspectiva sobre a história
So Meta's revenue grew 26 percent but profits fell 83 percent. How does that even happen?
Taxes. The Trump tax reform changed the effective rate from 12 percent to 87 percent on operating margins. That's not a small adjustment—it's the difference between a healthy quarter and a crippled one.
But the company is still spending more on capital, not less. Why invest heavily when you're being taxed so heavily?
Because Meta believes the tax situation is temporary. They're projecting rates will drop to 12 to 15 percent eventually. If they stop building now, they lose the AI race. They're betting they can survive the squeeze.
Is that a reasonable bet?
It depends on whether the tax reform actually gets rolled back or modified. If it doesn't, Meta's margins stay crushed. If it does, they'll have built the infrastructure they needed while competitors were hesitating.
What about the AI stuff—Vibes, the video generation? Is that actually working?
Downloads are up 56 percent month over month since launch. But the real test is whether advertisers will pay more to use AI-generated ads. Revenue beat expectations, so something is working. Whether it's enough to offset the tax burden is the open question.
What happens next quarter?
Costs keep rising. Meta warned that infrastructure spending will accelerate significantly in 2026. If tax rates don't fall as expected, the pressure gets worse before it gets better.