Meta「逆天」狂飙

Core Viewpoint - Meta's Q2 2025 financial results exceeded market expectations, alleviating concerns regarding tariffs, EU antitrust lawsuits, and aggressive hiring practices [1] Advertising Performance - Advertising revenue grew by 21.5% year-over-year, with an acceleration in growth compared to the previous quarter. The impact of tariffs was minimal, and features like Advantage+ and Reels continued to drive organic 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, likely due to the lower pricing of Reels [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 approximately $10 billion [4] - The operational expenditure (Opex) was not as high as market fears suggested, with only R&D expenses continuing to grow significantly. The overall expense guidance for the year was slightly raised, indicating a controlled expansion [4][5] Profitability and Financial Metrics - Meta's operating profit margin for app services improved by 3 percentage points year-over-year, reaching 53%. Reality Labs continued to incur losses, but the scale of these losses remained relatively small [5] - The company reported a cash and short-term investment total of $47 billion at the end of Q2, with significant cash outflows for acquisitions and capital expenditures. Free cash flow for the quarter was $8.6 billion, with shareholder returns expected to exceed $50 billion annually [5] Capital Expenditure and Investment Strategy - Capital expenditures (Capex) were raised slightly, from a range of $64-72 billion to $66-72 billion, reflecting a focus on internal business improvements rather than external customer demands [6] - Meta's approach to AI investments differs from competitors like Google, focusing on internal enhancements, which allows for better control over return on investment [6] Market Position and Valuation - The competitive landscape for Meta remains stable, allowing the company to maintain its advantageous position and continue to mitigate external risks while exploring growth opportunities [9] - Analysts suggest a valuation range of 23-25x P/E based on adjusted earnings expectations, with potential upside from the commercialization of WhatsApp and Threads [9]