Meta“逆天”狂飙

Core Viewpoint - Meta's Q2 2025 financial results exceeded market expectations, alleviating concerns regarding tariffs, EU antitrust lawsuits, and talent acquisition challenges [1] Group 1: Advertising Performance - Advertising revenue grew by 21.5% year-over-year, with an acceleration in growth compared to previous quarters. The impact of tariffs was minimal, and features like Advantage+ and Reels contributed to internal growth [2] - The increase in ad impressions indicates deeper penetration of Reels among users, particularly on Facebook, while the growth rate of ad prices showed slight deceleration due to the lower-priced Reels [2] Group 2: Guidance and Future Prospects - For Q3, Meta provided a revenue growth guidance of 17-24%, despite potential impacts from EU antitrust lawsuits. The company anticipates significant revenue contributions from platforms like WhatsApp and Threads, estimating an annual revenue increase of about $10 billion [4] - The overall operating expenses for Q2 and the full year were not as high as the market expected, with only R&D expenses continuing to grow significantly. The annual expense guidance was slightly raised to a range of $114 billion to $118 billion, reflecting a year-over-year increase of 20-24% [4][5] Group 3: Financial Metrics - Meta's operating profit margin for app services improved by 3 percentage points to 53%, while Reality Labs continued to incur losses, albeit on a smaller scale [5] - Free cash flow for the quarter was $8.6 billion, with $1.3 billion in dividends and $10 billion in share buybacks, leading to an estimated total shareholder return of over $50 billion for 2025 [6] Group 4: Capital Expenditure and Cash Management - Capital expenditures for Q2 were raised slightly from $64 billion to $66 billion, reflecting a more controlled investment strategy compared to competitors like Google [5] - By the end of Q2, Meta had $47 billion in cash and short-term investments, a decrease of nearly $23 billion from the previous quarter, primarily due to acquisitions and capital expenditures [5] Group 5: Market Position and Valuation - Meta's competitive position remains strong, with limited changes in the competitive landscape, allowing the company to mitigate risks and explore growth opportunities [11] - The company is expected to achieve a reasonable valuation of $2 trillion based on projected operating profits, with potential valuation adjustments based on market sentiment [11]