Meta Platforms had strong third quarter earnings, with revenue and EPS surpassing expectations, despite drop in stock.

From CNBC: 2024-10-30 21:04:12

Meta Platforms reported a strong third quarter, surpassing revenue expectations at $40.59 billion and EPS at $6.03. Despite a drop in stock price, daily active users reached 3.29 billion, with average revenue per person rising to $12.29. Revenue guidance for the fourth quarter exceeded expectations, with capital expenditures forecasted to increase in 2025. CEO Mark Zuckerberg showcased an AR glasses prototype at the Meta Connect conference. Management highlighted AI advancements and expressed confidence in future investments. Despite a projected increase in capital expenditures, Meta lowered full-year total expense guidance and continues to focus on cost controls. The stock price target was raised to $650 per share, with a 2 rating maintained, anticipating potential profit-taking opportunities.



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