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Meta Reports Earnings Today. What to Expect.

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The Street projects Meta will post quarterly sales of $33.5 billion, up 21% from a year ago, with profits of $3.61 a share, up from $1.64.

In recent quarters, Meta Platforms CEO Mark Zuckerberg has been talking more about artificial intelligence and cost cutting, while focusing less and less on the company’s multibillion-dollar investment in the metaverse. Expect more of the same when the parent of Facebook, Instagram, WhatsApp, and Threads reports results after the close Wednesday.There are many moving parts right now in the Meta story, but advertising still accounts for most of the company’s revenue.

Meta shares have rallied 162% this year, driven largely by the company’s “year of efficiency” push to reduce costs and boost margins, which has included more than 20,000 job cuts since last November. In reporting results for the June quarter, Meta also slashed its full-year 2023 capital spending budgets to a range of $27 billion to $30 billion, from a previous forecast of $30 billion to $33 billion, citing savings in non-AI servers, among other things.

Evercore ISI analyst Mark Mahaney asserts in a research note previewing the quarter that advertising channel checks find “stable to modestly accelerating spending trends,” with “consistently bullish sentiment from advertisers on Meta’s momentum.” He adds that all the factors that weighed on the stock last year—including monetization of its Reels short-video service and ad targeting and measurement—have become tailwinds for the stock.

On operating metrics, Mahaney looks for 3.01 billion monthly active users, up 2%, with 2.02 billion daily active users, likewise up 2%.

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