Meta Platforms, Inc. (META), headquartered in Menlo Park, California, is a global leader in social networking and digital communication technologies. With a market cap of $1.51 trillion, Meta connects billions of people through its platforms, including Facebook, Instagram, and WhatsApp, while driving innovation in virtual reality and the metaverse. The company is set to announce its Q3 earnings after the market closes on Wednesday, Oct. 30.
Ahead of the event, analysts expect META to report a profit of $5.15 per share, up 17.3% from $4.39 in the year-ago quarter. The company has surpassed Wall Street’s EPS estimates in its last four quarterly reports.
Its adjusted earnings of $5.16 per share for the last quarter surpassed the consensus estimate by 9.8%. Meta Platforms' Q2 beat was driven by strong user engagement from AI-enhanced recommendations and growth in advertising revenues across all regions.
For fiscal 2024, analysts expect META to report EPS of $21.36, up 43.6% from $14.87 in fiscal 2023.
META stock is up 68.4% on a YTD basis, outperforming the broader S&P 500 Index's ($SPX) 20.6% gains and the Global X Social Media ETF's (SOCL) 11.5% returns over the same time frame.
On Jul. 31, META reported its Q2 earnings results, and its shares closed up more than 4% in the following trading session. The company’s revenue was $39.1 billion, topping the consensus estimate of $38.3 billion. For Q3, META expects revenue to be between $38.5 billion and $41 billion.
The consensus opinion on META stock is bullish, with an overall “Strong Buy” rating. Of 47 analysts covering the stock, 41 advise a “Strong Buy” rating, one suggests a “Moderate Buy,” three suggest a “Hold,” and two advise a “Strong Sell.” META's average analyst price target is $593, which indicates that the stock trades at a premium.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
