Meta to Book $10B Legal Charge in Q3 for Teen Harm Settlement
META is trading near its 52-week low of $520.26 (10% above the low).
Summary
Meta will accrue a $10B legal expense in Q3 related to its $18B settlement with 48 states over teen harm. The charge was not contemplated in the expense range provided in the 2Q earnings call, but otherwise guidance ranges from the July earnings release remain unchanged. Meta reached a $16.68 billion settlement over the social media case. The charge will hit operating income in the current quarter, following a $2.4B legal charge in Q2.
At the time of this announcement, META was trading at $574.31 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.5T. The 52-week trading range was $520.26 to $790.80. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.