On July 30, Meta Platforms, Inc. declined 8.04% in pre-market trading, trading at $536.34/share, with turnover of $4.1051 million.

The decline was triggered by the company's Q2 earnings report released after market close the prior day. While revenue of $60.8 billion grew 28% year-over-year and beat the $59.5 billion consensus, EPS of $6.18 missed the $7.13 estimate by 13.32%. Capital expenditure surged to $31.08 billion, compressing free cash flow to just $784 million versus $8.549 billion a year ago — the lowest level in nearly four years.

Additionally, Q3 revenue guidance of $61-64 billion came in with a midpoint below the analyst consensus of $63.17 billion. Full-year capital expenditure guidance was narrowed to $130-145 billion, with the raised lower bound intensifying concerns over the uncertain payback period of massive AI infrastructure investments. A $2.4 billion legal accrual in Q2 further pressured margins.

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