Over the past few years, Meta Platforms, the parent company of Facebook, Instagram, WhatsApp, and Threads, has undergone rapid transformation.
While its dominance of social media still drives its fundamentals, Meta declared itself a play on the metaverse not long ago and even changed its name.
Recently, the company has been focused on efficiency, cutting over 20,000 jobs to boost profitability.
However, CEO Mark Zuckerberg’s attention has now shifted to artificial intelligence (AI).
Meta will report its second-quarter results after the close of trading on Wednesday, and there will be a lot to discuss.
With the stock up about 145% so far this year, attention will be higher than ever.
The Street is increasingly convinced that the online advertising environment is stabilizing, which could spur stronger-than-expected financial performance.
Meta’s forecast for the quarter called for revenue between $29.5 billion and $32 billion, and the Street consensus sits at $31 billion, implying 8% growth, up from 3% in the March quarter.
Analysts see profits of $2.89 per share, up from $2.46 per share in the year-earlier quarter.
Investors will be watching for updates on Meta’s efforts to use AI to improve ad targeting, progress with monetizing Reels, and plans to monetize and go to market with its growing work around generative AI, including Llama, its large language model released on an open-source basis.
Another focus will be on the metaverse front, including updates on how the company plans to monetize Threads.
NewStreet Research analyst Dan Salmon recently upgraded Meta from Neutral to Buy based on the potential of its emerging AI arm, and the market will be interested to see how the company plans to continue to leverage AI in the future.
Meta Short (Sell)
Enter At: 287.59
T.P_1: 280.64
T.P_2: 273.76
T.P_3: 267.80
T.P_4: 260.01
S.L: 307.24
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