Meta’s latest earnings: the quarter was strong — but the capex number is the real story Meta just reported a very unusual quarter. On the surface, the numbers were excellent: Q1 2026 revenue reached $56.3 billion, up 33% year over year. Operating income rose 30% to $22.9 billion, while operating margin stayed at 41%. Family daily active people reached 3.56 billion, up 4% year over year. Ad impressions grew 19%, and average price per ad increased 12%. In other words, the core advertising machine is not broken. It is accelerating.  But the market did not focus only on the beat. It focused on one line in the outlook: Meta now expects 2026 capital expenditures of $125 billion to $145 billion, up from the previous range of $115 billion to $135 billion. Management said the increase reflects hig
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