Meta’s Free Cash Flow Turns Negative as AI Spending Surges
Meta三季度自由现金流转负21亿美元，股价单日大跌7%
Meta Platforms reported a negative free cash flow of 2.12 billion dollars in the third quarter, the first time the figure has turned negative since the company went public in 2012, as spending on artificial intelligence surged. Operating cash flow was 32.79 billion dollars for the quarter ended September 30, while the company raised its full-year capital expenditure guidance to between 135 and 145 billion dollars. The stock fell about 7 percent the day after the results, erasing more than 100 billion dollars in market value, as investors questioned how quickly the heavy AI investment would pay off. Long-term debt climbed to 80.9 billion dollars from 58.7 billion a year earlier, and credit default swap prices hit record highs.
Meta平台公司三季度自由现金流为负21.2亿美元，这是自2012年上市以来该指标首次转负，原因是对人工智能的投入激增。截至9月30日的季度经营现金流为327.9亿美元，公司同时将全年资本开支指引上调至1350亿至1450亿美元。财报发布次日，Meta股价大跌约7%，市值蒸发超千亿美元，投资者质疑巨额AI投入何时才能带来回报。长期债务从去年同期的587亿美元升至809亿美元，信用违约互换价格创下历史新高。
