📊 Tesla and Meta Q3 — Mixed Earnings, Both with Surprises. Tesla $TSLA: • Adj. EPS: $0.48 — above estimate ($0.44) ✅ • Revenue: $28.05B — slightly below estimate ($28.13B) ❌ • Gross Margin: 19.6% — significantly above estimate (17.8%) ✅ • Automotive: $20.56B — above estimate ✅ • FCF: $1.53B — analysts expected -$4.99B ✅✅ • FSD Subscribers: 1.74M — above estimate (1.57M) ✅ • Second consecutive quarter with TTM revenue above $100B Strong operational results — especially margin and free cash flow significantly exceeded expectations. FSD growth reinforces the autonomy thesis. Meta $META: • EPS: $3.83 — above estimate ($3.57) ✅ • Revenue: $64.60B — above estimate ($63.33B) ✅ • Ad Revenue: $63.06B — strong ✅ • Operating Income: $12.99B — well below estimate ($20.85B) ❌ • Reality Labs: -$4.13B loss — better than expected ✅ • Q4 Guidance: $73–76B — in line with estimates • FY Expenses raised to $175–179B — $9.9B in legal costs weighed heavily Meta beat on revenue and advertising — but operating income fell sharply due to legal expenses. Increased capex signals continued aggressive investment in AI infrastructure. New non-voting Class C share class — classic Zuckerberg move for capital structure optimization. #Tesla #TSLA #Meta #META #Earnings #Q3 #AI #FSD #Tech #Markets