We continue to rate Meta SELL in light of the company’s Q3 earnings. Headline concerns are declining revenue – 4% less YoY, increased costs of +19% and a significantly depleted operating income margin - 20% vs. 36% YoY. Management guided down for Q4, expecting a ~7% currency headwind. EPS declined 49% YoY to $1.64 and net income declined 52% YoY on the back of rising operating costs.