Up 7% after the bell. Down 7% by the next one.

Meta’s 8-K for the quarter, accession 0001628280-26-066700, is filed on 21 October with four items: 1.01, 2.02, 8.01, and 9.01. Item 2.02 furnishes the press release as Exhibit 99.1. The release puts the conference call at 1:30 p.m. Pacific, 4:30 p.m. Eastern, 20:30 UTC.

Revenue is $64.60 billion, up 26%. Costs and expenses are $51.61 billion, up 68%, including a $9.89 billion legal charge. Capital expenditures, including principal payments on finance leases, are $34.91 billion. Cash from operations is $32.79 billion. Free cash flow is negative $2.12 billion.

The outlook narrows 2026 capital expenditures to $135–145 billion, from $130–145 billion. For 2027 it gives no number, only this: “we expect to continue investing aggressively to support both our core business and emerging AI initiatives.”

The 10-Q follows on 22 October, accession 0001628280-26-066773. Its cash flow statement puts nine-month purchases of property and equipment at $83.06 billion, against $48.31 billion a year earlier. That is up 72%. Nine-month cash from operations is $96.87 billion.

Meta’s regular session on 21 October ends with the 19:59 UTC minute at 698.54. The first after-hours minute, 20:01, prints 703.54 on 104 shares. By 20:03 IEX has printed 729.91. The after-hours high is 747.56 at 20:40, 7.0% over the close. The last IEX print of the night is 734.80 at 20:59. The whole after-hours tape is 7,067 shares in 270 trades.

The next IEX print is 682.42 at 12:02 UTC, 8:02 a.m. Eastern. Before the open, IEX prints 1,371 shares in 65 trades, between 675.33 and 682.48. The regular session opens at 676.40, 3.2% under the close and under the $680 strike. The first minute closes at 664.56 on 45,716 shares.

The low is 639.84 at 19:23, 8.4% under the 21 October close. The 19:59 minute closes at 648.77, down 7.12%. The regular session trades 1,438,931 shares in 30,624 trades. These are IEX prints only. They are not the consolidated tape.

Friday 23 October lows at 633.39 at 13:35 and closes at 642.26. Monday 26 October closes at 630.43, 9.75% under the close before the release.

Every name in the table closes lower on the 22nd. Tesla also filed its quarterly results on 21 October, 8-K item 2.02. By Monday, Tesla is above its 21 October close and Microsoft is back at it. Meta, Amazon, and Alphabet are further down than they were on Thursday.

Tokenized Meta trades through the release, the call, and the night. On Binance’s META perpetual the 19:59 minute closes at 699.70. The 20:01 minute trades 39,228 contracts from 689.70 to 712.17. The first reaction goes both ways. The 20:03 minute reaches 732.18. At 20:40 the high is 749.00. In the same hour Bybit’s perpetual prints 749.44, Hyperliquid’s xyz META 748.69, Binance spot METAB 748.00, and Kraken METAx 746.63.

Then it fades: 717.69 at 21:08, 710.14 at 22:17, and a night low of 701.89 at 06:29 UTC. None of that is on IEX, which stops printing at 20:59.

At 08:00 UTC, 4 a.m. Eastern, US premarket trading opens. The perpetual’s first minute falls from 705.08 to 698.43. The hour trades 53,897 contracts against 1,977 the hour before, and ends at 684.53. At the 13:30 cash open the perpetual trades from 677.35 down to 664.57 in one minute. At 13:46 it is 649.23. At 19:23 it prints 641.17, the low of its UTC day, in the same minute as the IEX low.

Volume says where the release traded. IEX’s whole after-hours session is 7,067 shares. Binance’s perpetual trades 217,697 contracts in the 20:00 UTC hour alone, and 452,401 on the UTC day, 4.8 times the 20th. Hyperliquid’s xyz perpetual trades 292,019 on the day, 3.3 times the 20th. The spot tokens follow the same path on a few thousand tokens.

The weekend belongs to the token too. Friday’s IEX close is 642.26. On Saturday the Binance perpetual trades between 638.63 and 643.69, and Hyperliquid between 637.59 and 642.38. Monday’s IEX close is 630.43. The Binance perpetual’s UTC day ends at 633.60.

The release does not move the rest of the AI book. In the 20:00 UTC hour the Binance META perpetual gains 5.03%. The Nvidia perpetual gains 0.26%, Alphabet 0.18%, and Amazon 0.13%. Broadcom gives up 0.51% and Microsoft 0.08%.

The selling starts in Asian hours, when only the tokens trade. Between 00:59 and 07:59 UTC Nvidia’s perpetual goes from 0.77% to 2.03% under its 21 October close, Broadcom’s from 0.97% to 2.35%, and Amazon’s from 0.37% to 1.59%. Coinbase bitcoin falls 2.37% in the same seven hours. At 07:59, a minute before US premarket opens, Meta’s own perpetual is still 0.77% above its close.

By 13:29, the minute before the cash open, Broadcom’s token has priced 78% of its day’s move, Nvidia’s 49%, Meta’s 45%, Alphabet’s 40%, and Amazon’s 34%. Microsoft’s is back above its close and takes the whole 2.1% in the session.

The tokens end the day where the shares do. Every stock closes within 0.12 points of its IEX regular-session change.

Polymarket lists a ladder for Meta in October: “Will Meta Platforms, Inc. (META) hit (HIGH) $720 in October?”, and the same question for lows. The rules read Pyth 1-minute candles and count regular trading hours only. Pre-market and after-hours prices do not qualify.

That rule is why the release barely touched the upside strikes. The $740 strike listed from 16 October last traded at 55¢ at 14:43 on the 21st. While the token and IEX after-hours both traded above $740, it did not trade at all. Its next print is 4¢, at 20:10 on the 22nd. The $780 strike did trade into the spike, 31¢ at 20:04, and was 10¢ by 08:31.

On the downside, the contracts trade the share minute for minute once New York opens. The $660 dip is 73¢ at 13:30:08 and 98¢ at 13:31:40, in the minute IEX prints 659.76. The $640 dip is 45¢ at 13:30:11, 80¢ at 13:42, and 98¢ for 952 contracts at 19:23:22. The $620 dip trades 55¢ two seconds earlier. It is back at 44–50¢ on Monday. Meta’s low through Monday is 627.84.

New strikes are listed as old ones resolve. A $700 high, listed from 22 October, trades 18–21¢ on the morning of the 23rd and 16¢ on Monday.

Crypto trades the same night as tokenized Meta, on some of the same venues. It does not trade the same news. From the 19:59 close to 20:59 on the 21st, the Binance META perpetual gains 5.03% and Coinbase bitcoin 0.21%. At 20:40, when the perpetual prints 749.00, bitcoin is at 84,650.

The one stretch where they fall together is Asian hours. From 00:59 to 08:59 UTC on the 22nd, bitcoin falls 2.81% and the META perpetual 4.28%. Then New York opens. From the 13:30 open to the 19:59 close, IEX META falls 4.08%. Bitcoin falls 0.46%, inside a range of 80,789.61 to 81,997.76. At 19:23, the minute of the Meta low, bitcoin is at 81,321.

The UTC day still closes lower: bitcoin 3.2% at 81,306.88, ether 3.5%, Solana 3.1%. The round numbers break two days later, on Saturday 24 October, with the share closed. Coinbase Solana trades under $100 at 14:16 and bitcoin under $80,000 at 14:18, the first time since 15 October. Ether, already under $2,350 late on Friday, reaches 2,275.94 at 15:19. Solana lows at 98.51 at 15:19 and bitcoin at 79,107 at 15:25. In that move the META perpetual goes from 643.24 to 638.63. The Nvidia perpetual’s low is 211.11, against a 211.66 open.