Based in Menlo Park, California, Meta Platforms, Inc. (META) is a global leader in social networking and technology, renowned for its suite of products and services, including Facebook, Instagram, WhatsApp, and Oculus. With a market cap of $1.36 trillion, Meta is recognized for its innovation, engineering excellence, and commitment to connecting people and fostering communities. Meta is scheduled to announce its fiscal Q2 earnings results after the market closes on Wednesday, Jul. 31.
Ahead of the event, analysts expect META to report a profit of $4.68 per share, up 44.9% from $3.23 in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
Its adjusted earnings of $4.71 per share for the last quarter surpassed the consensus estimate by 9%. Increased ad impressions, user growth, and higher ad prices aided Meta's results.
For fiscal 2024, analysts expect META to report EPS of $20.19, up 35.8% from $14.87 in fiscal 2023.
META stock is up 51.3% on a YTD basis, outperforming the broader S&P 500 Index's ($SPX) 18.1% gains and Global X Social Media ETF's (SOCL) 7.4% returns over the same time frame.
META reported Q1 earnings on Apr. 24. Revenue for the period was $36.46 billion, exceeding analysts' forecasts of $36.28 billion. Looking ahead, Meta anticipates revenue for the current quarter to be between $36.5 billion and $39 billion. META shares fell 13% after the company’s second-quarter guidance disappointed analysts and investors.
The consensus opinion on META stock is bullish, with an overall “Strong Buy” rating. Out of 46 analysts covering the stock, 40 advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, three suggest a “Hold,” and two advise a “Strong Sell.” META's average analyst price target is $528.10, 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.
