Jim Cramer on Meta Earnings: "Amazing Set of Numbers, Beautiful in Every Way"

Meta Platforms, Inc. (NASDAQ:META) is one of the stocks Jim Cramer spoke about recently. Cramer highlighted why the stock plummeted despite reporting an “amazing set of numbers,” as he commented:

“Last night, Meta Platforms reported what I thought was an amazing set of numbers, beautiful in every way. Great user growth, incredible profitability, good margins. So far, so great. But the company had to take this big charge. No one saw it coming. Don’t worry, non-cash… More important, management committed to a level of capital spending that far outstripped what anyone saw coming, to an amount that, I mean, frankly, seemed imprudent if not downright reckless to many of the big hedge fund managers who determine your stock prices.

The result, Meta stock did indeed get eviscerated, plummeting more than 11% today, which is why the S&P and the Nasdaq got hit so much harder than Dow Jones Industrial Average, as the Dow’s got on a lot less tech. To many of these big-time tech players, not me, but them, Mark Zuckerberg has lost his mind, or at least all his discipline that he had demonstrated so well during that year of efficiency. To them, he’s now in the year of living dangerously.”

Meta Platforms, Inc. (NASDAQ:META) develops products that enable people to connect and communicate through social media, messaging apps, and virtual, augmented, and mixed reality devices. The company’s products include Facebook, Instagram, Messenger, Threads, WhatsApp, and reality hardware and software products.

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Disclosure: None. This article is originally published at Insider Monkey.