跟进：Meta三季度自由现金流转负21.2亿美元 股价周四收跌约7% CDS成本创纪录

Menlo Park——Meta 三季度财报的后续影响 10 月 23 日继续发酵：公司三季度自由现金流为负 21.2 亿美元，是十多年来首次出现季度现金消耗；周四其股价收跌约 7%，为 Meta 债务提供违约保险的信用违约互换（CDS）成本升至纪录高位。

据路透社报道，Meta 五年期 CDS 周四跳升 7.3 个基点至 114.5 个基点，创历史新高，显示投资者对其人工智能基础设施投入的规模与回报周期愈发谨慎。现金流转负的直接原因是资本开支激增：Meta 三季度资本开支达 349.1 亿美元（含融资租赁本金付款），超过同期 327.9 亿美元的经营现金流；公司同时把全年资本开支指引下限由 1,300 亿美元上调至 1,350 亿美元，上限 1,450 亿美元不变。

GSM 此前已报道，Meta 三季度营收同比增长 26% 至 646 亿美元，计提 98.9 亿美元和解费用后营业利润同比下降 37%，公司并给出 730 亿至 760 亿美元的四季度营收指引。（GSM 据路透社及公司财报）

来源：GSM·美国

Follow-Up: Meta's Q3 Free Cash Flow Turns Negative at $2.12 Billion as Shares Fall About 7% and CDS Costs Hit a Record

MENLO PARK, Calif. — The aftershocks of Meta's third-quarter results continued on October 23: the company's free cash flow was negative $2.12 billion in the quarter, its first quarterly cash burn in more than a decade; its shares closed down about 7% on Thursday, and the cost of insuring Meta's debt against default, its credit default swaps (CDS), rose to a record high.

Meta's five-year CDS jumped 7.3 basis points on Thursday to a record 114.5 basis points, Reuters reported, as investors grew more cautious about the scale and payback period of its artificial-intelligence infrastructure spending. The swing into negative free cash flow was driven by surging capital expenditure: Meta's third-quarter capex reached $34.91 billion, including finance-lease principal payments, exceeding operating cash flow of $32.79 billion. The company also raised the low end of its full-year capex guidance from $130 billion to $135 billion, with the top end unchanged at $145 billion.

As GSM reported earlier, Meta's third-quarter revenue rose 26% year on year to $64.6 billion, operating profit fell 37% after a $9.89 billion settlement charge, and the company guided fourth-quarter revenue to between $73 billion and $76 billion. (GSM, based on Reuters and company filings)

Source: GSM · America

来源：GSM·美国（原文链接）

图片来源：Meta 位于加州 Menlo Park 的总部。照片：LPS.1，CC0，经 Wikimedia Commons。 / Meta's headquarters in Menlo Park, California. Photo: LPS.1, CC0, via Wikimedia Commons.

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