Shares down ~70% ytd, but this big tech co remains a money-printing machine. Ad rev still astronomical at $27.7B in Q3 (down 4.5% y/y, tough pandemic comp); gross profit margin astounding 79.5%. The prob is spending whereby opex was ~$15.9B (as if it were still late 2020 and int rates were still ~0.0%). The mkt is reacting positively to today’s announced layoffs of 11,000 employees (13% of workforce)—a step in the right direction considering slowing economic growth/ recession risks. To put things in perspective, every $1B in lower opex spend is ~$0.35 in EPS. W/ 12.8% fwd rev growth (& trading at 10.6x fwd EPS and only 2x EV/Sales), this business is impressive.