00:00Meta Platforms has been ordered by a New Mexico judge to pay $25 billion after a jury found the company
00:07misled consumers about how it handled user data and privacy.
00:12The case stemmed from the Cambridge Analytica scandal in which data from millions of Facebook users was allegedly assessed without
00:20their consent.
00:21Meta has said it will appeal the ruling.
00:23The jury found that 26 out of 29 statements made by Meta and its executive were misleading and concluded the
00:31company committed more than 43 million violations of New Mexico's consumer protection laws.
00:37Although the judge said penalties under state law could have exceeded $290 billion, the amount was reduced to $25 billion.
00:45The ruling marks one of the largest state-level penalties ever imposed on a company in the United States.
00:52New Mexico's Attorney General said the judgment sends a strong message that major technology's company must be held accountable for
01:00consumer protection and data privacy,
01:02while analysts expect a lengthy appeals process before the case is resolved.
01:09Tesla reported a surprise positive free cash flow of $1.53 billion in the third quarter, compared with expectations for
01:18a $4.92 billion cash burn.
01:20After spending significantly less than expected on artificial intelligence AI and robotics projects, capital expediential totaled $4.73 billion,
01:31while below analysts' estimates of about $7.5 billion.
01:34The EV maker also beat revenue expectations, posting $28.05 billion in third quarter revenue as vehicle deliveries rose to
01:44486,532 units exceeding market forecasts.
01:50Tesla said it ended the quarter with its largest passenger vehicle order backlog in four years and remains on track
01:57for its first annual delivery increase in three years.
02:00However, investors are questioning whether lower spending on AI and robotics could slow Tesla long-term growth ambitions.
02:08The results come as CEO Elon Musk explored a potential merger with SpaceX, with analysts saying Tesla's stronger cash position
02:16could strengthen the financial case for such a deal.
02:21Netflix shares fell nearly 5% after the streaming giant cut its advertising sales forecast and projected a fourth straight
02:28quarter of slowing revenue growth,
02:31raising concerns that its long-running growth momentum may be weakening.
02:35Investors are increasingly worried about tougher competitions from platforms such as YouTube and TikTok,
02:41while Netflix's advertising business and gaming expansion have yet to deliver growth many expected.
02:47The company also lost about a quarter of its market value this year.
02:52In response, Netflix has cut 6% of its workforce and reshuffled senior leadership to strengthen its content strategy.
02:59However, more than 20 brokerage have lowered their price targets on the stocks,
03:04reflecting concerns over the company's ability to reunite growth and produce major hit content consistently.
03:12Thank you for joining us.
