11:06 AM EDT, 10/30/2025 (MT Newswires) -- Meta Platforms ( META ) is seeing investor sentiment easing on its stock, even after solid Q3 results, due to the "greater expense trajectory" indicated by management's guidance, Wedbush Securities said in a note Thursday.

Meta's management narrowed its capital expenditure outlook for 2025 to $70 billion to $72 billion, which is about $2 billion higher relative to the midpoint of the previous guidance, Wedbush said.

Also, the company released a total expense outlook of $116 billion to $118 billion, which was above Street estimates of $116.4 billion, and higher than the previous range of $114 billion to $118 billion, the note said.

A one-time $15.9 billion tax charge also weighed on Q3 net income, the note said, adding that excluding the tax charge, the company's net income of $18.6 billion would have been ahead of Street estimates.

The investment firm said that, following the company's results, it was encouraged by "robust growth in Meta's core advertising business" as well as "positive commentary" on the company's Meta AI and

Superintelligence Labs projects, and the momentum linked to the rollout of AI-backed hardware.

Wedbush reiterated Meta's outperform rating and $920 price target.

Meta shares were down past 12% in recent trading.

Price: 657.37, Change: -94.30, Percent Change: -12.55