Global market updates on October 22, 2026, were dominated by corporate earnings, rising artificial intelligence spending and renewed tensions involving Iran. Tesla reported a 44% decline in quarterly profit, Meta increased its 2026 capital expenditure forecast to as much as $145 billion, and IBM’s third-quarter revenue exceeded market expectations. Meanwhile, concerns about possible military action against Iran pushed oil prices higher in post-settlement trading.
Tesla Profit Falls 44% as Meta Expands AI Investment
Tesla reported third-quarter net profit of $787 million, compared with $1.4 billion a year earlier. Revenue was broadly flat at $28 billion, slightly above the $27.88 billion estimate. Free cash flow reached $1.53 billion, exceeding expectations of negative $4.921 billion. The company also lowered its 2026 capital expenditure target to around $20 billion from more than $25 billion, according to Bloomberg. Tesla is targeting customer deliveries of its first Cybercabs by the end of 2026.
Separately, reports said Tesla and SpaceX were discussing a potential merger announcement in the first half of 2027. The proposed combination could carry a valuation of approximately $3.7 trillion, although its timing and completion remain uncertain.
Meta Platforms raised its 2026 capital expenditure guidance to $135 billion–$145 billion, up from $130 billion–$135 billion, as it continues investing in AI infrastructure. The company reported third-quarter revenue of $64.6 billion, above the $63.33 billion analyst estimate. Meta also announced a new class of non-voting shares to be distributed to existing shareholders as a stock dividend, with trading expected to begin in January.
IBM Beats Revenue Estimates as SpaceX Reports Strong Profit
IBM generated $17.1 billion in third-quarter revenue, approximately 5% higher year-on-year. Software revenue climbed 8.3% to $7.8 billion, exceeding the $7.64 billion estimate. The company also raised its full-year free cash flow outlook, expecting an increase of more than $1 billion.
SpaceX reported third-quarter net income of $4.4 billion against expectations of $1.88 billion, while revenue increased 161% year-on-year. Its shares rose as much as 12.4% during Wednesday's trading session. However, rising credit risk indicators and substantial financing requirements remained concerns for investors. SpaceX issued $25 billion in bonds in June and had reportedly sought around $40 billion to purchase NVIDIA chips.
Iran Tensions Add to Oil Market Concerns
Oil prices advanced in post-settlement trading after debris from an intercepted drone killed two people at Saudi Aramco's Shaybah oil field. The Saudi Press Agency reported that a Filipino and a Nepali resident were killed, while a Pakistani and an Indian were injured. Saudi officials said oil field operations were unaffected.
Separately, The New York Times reported that US and Israeli militaries had developed plans for possible strikes against Iran. Iranian officials warned that US political targets, military personnel and related infrastructure could be targeted if another large-scale conflict began. NBC News also reported reductions in US troop levels at bases in Jordan, Qatar and Kuwait. These developments, alongside a larger-than-expected decline in US crude inventories, supported concerns about regional oil supplies.
PHP2Shell Vulnerabilities Trigger Global Website Shutdowns as Exploitation Spreads
The PHP2Shell vulnerabilities have triggered emergency security measures worldwide after warnings that attackers are actively exploiting the flaws. Government, hospital and school websites across Europe, the United Kingdom and Canada were reportedly taken offline as a precaution, while cybersecurity agencies urged organisations unable to install security patches immediately to shut down affected services.
Amazon warned on Wednesday that the vulnerability was being broadly exploited in the wild, according to ABC13. Cloudflare also reported early attack activity. The flaws allow unauthenticated remote code execution, potentially enabling attackers to run malicious code on vulnerable servers without logging in. Palo Alto Networks reportedly identified more than 22.6 million exposed instances.
PHP Releases Emergency Security Updates
PHP released security updates in versions 8.5.12, 8.4.27, 8.3.36 and 8.2.35 to address two critical vulnerabilities. CERT-EU advised operators who could not apply the fixes immediately to take affected services offline. The Dutch National Cyber Security Centre also temporarily shut down its website as part of the response.
Japan's Asahi Group temporarily suspended some subsidiary websites and systems while assessing potential exposure. As of October 22, the company said it had found no unauthorised access or data breaches linked to the vulnerabilities. It planned to restore services gradually after completing security checks.
South Korea Reports 110,000 Potentially Vulnerable Assets
South Korea has also stepped up its cybersecurity response. According to Yonhap, authorities estimate that approximately 110,000 internet-facing assets in the country are running potentially vulnerable PHP versions, placing South Korea sixth globally in terms of exposure.
South Korean IT companies and cybersecurity providers are taking emergency measures, while government agencies and businesses have been urged to install available patches and check systems for signs of compromise. Industry sources said no confirmed intrusions or suspected victims linked to the vulnerabilities had been identified in South Korea so far.
The developments highlight the scale of the potential exposure as organisations assess their systems and respond to reports of active exploitation. Organisations running affected PHP versions should apply the relevant security updates immediately. Those unable to patch their systems should isolate vulnerable services or take them offline until they can be secured.
