Meta's earnings report comes as 'Magnificent Seven' stock looks to return to all-time high

Meta Platforms is set to report first-quarter earnings after Wednesday's closing bell, the latest in a salvo of releases from marquee technology names. The Facebook parent has surged along with fellow big technology peers, climbing about 40% in 2024 after soaring nearly 200% the prior year. And Meta has been able to sidestep the current market pullback, advancing more than 2% in April despite the Nasdaq Composite sliding more than 4%.

What the Street expects For the first quarter, analysts polled by LSEG forecast $4.32 in earnings per share and $36.16 billion in revenue. The expected 26% rise in revenue year over year, combined with the company's cost cutting measures, has resulted in a huge earnings boost. More broadly, analysts tend to like the stock. The majority of those polled by LSEG have buy ratings, with a price target implying that shares can climb over 8% in the next year.

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Meta vs the FTC: Meta claims WhatsApp and Insta acquisition wasn't monopolisticIzzy, a tech enthusiast and a key part of the PhoneArena team, specializes in delivering the latest mobile tech news and finding the best tech deals. Her interests extend to cybersecurity, phone design innovations, and camera capabilities.
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