The Synopsis Dialogue. Meta, Perimeter Solutions, and CoStar 3Q25 Earnings, Time Spent Competition, 50% Sales Spent on S&M
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Nov 3, 2025 In this discussion, the hosts dive into Meta's soaring growth in daily and monthly active users, along with substantial investments in AI. CoStar's impressive revenue uptick of 20% and its hefty 50% sales and marketing expenditure are highlighted, along with insights on its valuation intricacies. Perimeter Solutions faces challenges with its P2S5 facility while securing a lucrative USDA contract. The competition for user attention in the digital landscape is also examined, showcasing the evolving battle for engagement.
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CoStar Valuation Still Priced For Growth
- At $65 share price CoStar implied 38x mature margins using a 30% margin assumption.
- Even after the sell-off you need sustained double-digit growth to justify the premium.
AI And Reels Revive Meta's Ad Engine
- Meta's family of apps shows strong user and time-spent growth, driving 26% revenue growth.
- Reels and AI-driven ad tools materially contributed to increased impressions and pricing.
CapEx And Taxes Mask Meta's Core Earnings Strength
- Meta increased R&D 36% and faces operating margin pressure from rising CapEx.
- A $15.9B non-cash tax hit masked core EPS growth, which was roughly +20% adjusted.