Nasdaq slides over 500 points after Meta and Tesla post mixed Q3 results
Meta Platforms reported Q3 earnings of $3.83 per share, missing Wall Street forecasts, while posting revenue of $64.60 billion and a one‑time legal charge of $9.89 billion. Tesla posted Q3 earnings of $0.48 per share, beating estimates, with total revenue of $28.05 billion but a decline in its core automotive and energy businesses. Both stocks fell sharply, dragging the Nasdaq Composite down more than 500 points in pre‑market trading.
Why it matters
The steep Nasdaq decline signals heightened investor concern over the earnings quality of two mega‑cap tech stocks, which could pressure other technology shares and increase demand for safe‑haven assets. The large legal charge and fine at Meta also raise questions about future profitability.
Key facts
- 1The Nasdaq Composite index was down 515 points pre‑market on Oct. 22. baystreet.ca
- 2Tesla reported earnings per share of $0.48, beating the $0.43 consensus estimate. baystreet.ca
- 3Tesla’s total Q3 revenue was $28.05 billion. baystreet.ca
- 4Meta reported earnings per share of $3.83. baystreet.ca
- 5Meta’s Q3 revenue was $64.60 billion. baystreet.ca
- 6Meta incurred a one‑time legal charge of $9.89 billion and was ordered to pay a $25 billion fine in New Mexico. baystreet.ca
Open questions
- Meta stock decline reported as 3% pre‑market versus 5%.
- Meta earnings described as a miss versus a beat.
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.