Meta Platforms (META) Q3 2026 Earnings Call: Q&A Summary

Q: What are the primary constraints to Muse user growth that you are focused on addressing?

A: Mark Zuckerberg stated that compute intensity is the main constraint, which has limited the rollout to the U.S. and Canada. The company is working to improve compute efficiency to serve more than 1 billion people and is focused on increasing product value through new models.

Q: What is the vision for the Meta enterprise product offering?

A: Mark Zuckerberg noted that the near-term focus is on the model API, Muse code, and business agents, with a long-term goal of creating a business network of Muse agents. Susan Li added that Meta has 500 million businesses already using its products and plans to offer subscriptions and usage-based API revenue streams.

Q: How will you handle friction with aggregators or suppliers who do not want agents interacting with their platforms?

A: Mark Zuckerberg noted that businesses are generally excited about the opportunity. Susan Li added that the market will evolve toward permissioned, structured interactions like authenticated APIs and approved partnerships, and Meta is developing a personal agent protocol with partners like Sierra, Walmart, Stripe, and Shopify.

Q: What are your thoughts on the new share class and capital allocation?

A: Susan Li explained that the new nonvoting stock preserves the founder-led structure and provides flexibility for funding and acquisitions, though there are no specific financing plans at this time.

Q: How do agent-to-agent transactions change the ecosystem?

A: Susan Li stated that while it will take time, the proactivity of agents handling tasks on behalf of users and businesses will create more transactions and activity than current latent demand models.

Q: Can you provide any color on 2027 expenses and CapEx?

A: Susan Li said it is too early to provide details as they are still evaluating investment proposals, and they will provide guidance on the Q4 call.

Q: How much room is there for improvement in ad systems with new models?

A: Susan Li outlined three themes: traditional performance improvements, new research bets using LLMs for deeper reasoning, and generative AI tools like Advantage Plus for creative generation.

Q: Does the 2027 revenue growth outlook include incremental AI revenue?

A: Susan Li confirmed that AI products including subscriptions, transactions, and enterprise offerings will contribute to revenue, though core ads will remain the primary driver.

Q: Is the business reorienting around Muse?

A: Mark Zuckerberg affirmed that personal super intelligence is the North Star, consistent with the company's 20-year history of empowering individuals.

Q: What work is required to scale Muse for SMBs?

A: Susan Li explained that this is not a separate product but a set of skills and connectors within the existing Muse app, such as ad analytics and Shopify or QuickBooks integration, which helps with ad optimization, customer responses, and inventory management.

Q: What are the high-level metrics around the user cost structure of Muse today?

A: Susan Li stated there are no specific numbers to share, but the service is compute-intensive. Efficiency will come from using off-peak capacity, smaller models, and inference optimization.

Q: Is the monetization playbook different for Muse given the higher costs?

A: Mark Zuckerberg said monetization will likely happen sooner because of the scale of costs and the commerce-heavy nature of the product.

Q: Does the 25% commerce data point include travel?

A: Mark Zuckerberg confirmed that travel is included as a top use case for Muse.