Meta shares sank nearly 7% as free cash flow turned negative
Meta shares fell nearly 7% on Thursday, and free cash flow came in at a negative $2.12 billion in the third quarter. Meta said it expects full-year capex of $135 billion to $145 billion, raising the bottom of the range from $130 billion. CNBC says the spread on its five-year credit default swaps reached all-time highs.
NoteFor finance people, the credit side is where this shows up: the spread on Meta's five-year credit default swaps reached an all-time high while the capex range moved up.
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