Meta：悄然成为人工智能的最大受益者

Core Viewpoint - Meta's performance stands out among large tech giants, with unexpected acceleration in growth and impressive profit margins, leading management to anticipate continued strong performance in Q3 [1][22]. Financial Performance - In the recent quarter, Meta's revenue grew by 21.5% year-over-year, reaching $47.5 billion, significantly exceeding the expected $45.5 billion, with a quarter-over-quarter growth rate higher than Q1's 16% [3][22]. - The company's operating profit margin increased by 500 basis points to 43%, driven by an astonishing 53% operating profit margin in its application segment [3][22]. - Meta's average revenue per user increased by 14.8% year-over-year, with analysts noting a 14.1% growth rate expected for Q2 2024 [8][22]. - The average price of Meta's advertisements rose by 9% year-over-year, despite a slowdown in quarter-over-quarter growth [14][22]. User Engagement - Daily active users increased by 6.4% year-over-year and 1.5% quarter-over-quarter, indicating stable growth [5][22]. - Management has stopped providing detailed Facebook user data, leading investors to view the company more as a "platform network" [5][22]. Cash Flow and Investments - At the end of the quarter, Meta had $47 billion in cash and investments, with $28.8 billion in debt, showcasing a strong balance sheet compared to peers [17][22]. - The company repurchased $9.76 billion in stock, surprising analysts given that capital expenditures have exceeded $29 billion this year [17][22]. Future Outlook - Management expects Q3 revenue to be between $47.5 billion and $50.5 billion, with the upper limit representing a year-over-year growth of 24.4% [17][22]. - Analysts predict that the company will maintain double-digit revenue growth over the next few years, with expectations for overall net profit margins to approach 50% as losses from Reality Labs decrease [20][22]. - Despite strong performance and optimistic forecasts, analysts express concerns about valuation becoming "full," suggesting that accelerated growth may be a short-term phenomenon [20][21][22].