On July 30, Meta Platforms, Inc. declined 9.29% in regular trading, trading at $528.78/share, with turnover of $2.316 billion.

The decline was triggered by the company's Q2 earnings report released after market close. Meta reported EPS of $6.18, missing the consensus estimate of $7.13 by 13.32%. While revenue of $60.8 billion grew 28% year-over-year and slightly beat expectations, capital expenditures surged to $31.08 billion, compressing free cash flow to just $784 million — down 91% from $8.549 billion a year ago and marking a four-year low.

Adding to the pressure, Q3 revenue guidance of $61-64 billion came in with a midpoint below the analyst estimate of $63.17 billion. Full-year capex guidance was narrowed to $130-145 billion, intensifying concerns over AI investment return timelines. Multiple investment banks lowered price targets: Cantor Fitzgerald to $680, UBS to $715, Deutsche Bank to $750, and Barclays to $780, though all maintained buy ratings. Analysts warn Meta could enter negative free cash flow territory in H2 for the first time since its IPO.

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