Both Meta Platforms (NASDAQ:META) and Alphabet (NASDAQ:GOOG)(NASDAQ:GOOGL) shareholders have experienced a rough year. Shares of the social media giant have tumbled more than 70% year-to-date, while the online search engine has seen shares drop more than 40%. These results were only exacerbated when the companies reported their third-quarter earnings.

7investing lead advisors Anirban Mahanti and Matthew Cochrane look over both companies' results, looking at the highs and lows and examining whether the buy theses are still intact.

For Meta, Mahanti and Cochrane looked at the company's disappearing cash flows and net income and wondered whether the vast amounts of capital expenditures and operating expenses were worth it. While Mahanti believes the company has lost the plot, Cochrane still thinks that if the Family of Apps stays strong, showing positive user growth and engagement trends, everything else can be worked out.

In Alphabet's case, the management team implied they might have gotten a little too loose with spending but are dedicated to shifting funds so that resources are going to the company's most significant growth opportunities. Alphabet's growth has slowed as the company faces a weakening macro environment and is lapping huge comparables from last year's third quarter, but the underlying search business appears resilient. While Youtube's revenue decreased year over year, Google Cloud managed to grow its top line by 38%.

At the end of the podcast, Mahanti and Cochrane talk about the most significant disruptive threats Alphabet faces and wonder if Big Tech's company cultures have grown too soft.

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