$META's guide is not good, but it is not nearly as bad when you account for the 6% FX headwind.

$META's headcount is a lever they can pull back on at any time to increase margins. Not sure why they felt the need to ramp headcount.

Despite the narrative that Tik Tok is crushing $META, engagement was strong (even on FB Blue).

Also, good to see $META pull back on their expense guide. What can you do with $90bn that you can't do with $87bn?