Meta reported quarterly revenue of $64.60 billion, up 26%, and net income of $9.86 billion, compared with $2.71 billion a year earlier. The company will distribute one non-voting Class C share for every Class A or B share, doubling the number of shares without changing Mark Zuckerberg’s control, which gives him 60.6% of the votes with a 13.4% economic stake. The shares can be sold to finance artificial intelligence investment, employee compensation and acquisitions, while quarterly capital expenditure reached $34.91 billion. A New Mexico judge ordered Meta to pay a $25 billion penalty with 15% annual interest after a jury found it guilty on 31 counts. Meta has also set aside $9.89 billion for a settlement with 52 attorneys general concerning adolescent mental health and is testing stablecoins by paying USDC to creators in Colombia and the Philippines.
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