$META Shares Drop 11%, Worst Day in 3 Years | Meta's Free Cash Flow Dilemma

The problem with Meta is they've got much less profit. They've got half of Alphabet's revenue, and of course the profits are like nowhere near as well. And so when you start to look down onto free cash flow, then actually out of all of these 5 companies, based on projected spending for next year, Meta's the only one where the percentage change in free cash flow is going to go down. We're expecting a 32% drop in free cash flow next year. Everyone else's free cash flow continues to march higher even though they're spending more. Their revenues are greater and their profits are greater. And so Meta's the one here that's— I guess it's the smallest fish in this pond trying to fight to keep up, which has been fine up until now. But ultimately, because of this depreciation expenditure thing, it's really going to start to hit the bottom line. And that's what investors are going to be worried about next year.