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Key Financial Developments
Meta Platforms (NASDAQ: META) reported a 26% year-over-year revenue increase to $51 billion for Q3 2023, while net income rose 20% to $7.25 per diluted share. Despite these results, the stock price dropped 18% after the company announced increased spending on artificial intelligence (AI) in the coming year.
Circle Internet Group (NYSE: CRCL), known for its stablecoin USDC, announced a revenue increase of 66% to $740 million, with adjusted EBITDA rising 78% to $166 million in Q3 2023. The company is expanding its Circle Payments Network, which currently includes 29 financial institutions, and plans to grow its market presence significantly.
The S&P 500 index has risen 16% year-to-date, with JPMorgan forecasting it could reach 8,000 by 2026, while Evercore predicts a bull-case scenario of 9,000. If realized, these would represent potential upticks of 17% and 31% from the current level of 6,849.
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