Meta had to pay US$18 billion to settle cases with nearly all US states. (EPA Images pic)SAN FRANCISCO: Meta beat investor expectations for third-quarter revenue on Wednesday but the social media giant's profits took a hit due to an US$18 billion legal settlement with nearly all US states.
The company reported US$9.86 billion in profits from July to September, almost 50% below investor expectations, which Meta said was dragged down by a US$9.9 billion charge related to the settlement.
Meta reported its earnings just hours after another financial penalty was announced related to a case in New Mexico.
A judge ruled that Meta must pay US$25 billion to New Mexico after a jury found last month that the social media giant had deceived users in a case related to the Cambridge Analytica scandal.
