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

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After its most recent report, shares of the Facebook parent shot up 20%.

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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