Meta Platforms(US:META) 智通财经网·2026-01-26 07:13Core Viewpoint - Meta Platforms is set to report its Q4 2025 earnings on January 28, 2026, with expected revenues between $56 billion and $59 billion, indicating a year-over-year growth of approximately 21% [1]. Financial Performance - In Q3 2025, Meta reported revenues of $51.24 billion, exceeding expectations of $49.41 billion, with an adjusted EPS of $7.25, surpassing the forecast of $6.67 [1][2]. - The company expects total expenditures for 2025 to be between $116 billion and $118 billion, up from previous estimates of $114 billion to $118 billion, reflecting a year-over-year growth rate of 22% to 24% [1][13]. - Capital expenditures for 2025 are projected to be between $70 billion and $72 billion, higher than the prior estimate of $66 billion to $72 billion [1][13]. Operational Highlights - Q3 2025 saw a 26% year-over-year increase in revenue, with daily active users averaging 3.54 billion, an 8% increase [2]. - The advertising revenue from Meta's family of apps grew by 26% year-over-year, reaching approximately $50.1 billion [10]. - The average price per ad increased by 10% year-over-year, and the number of ad impressions rose by 14% [2][10]. Challenges and Risks - The Reality Labs division reported an operating loss of $4.43 billion in Q3 2025, continuing a trend of significant losses since 2021, with cumulative losses exceeding $70 billion [8]. - Despite a 74% year-over-year revenue growth in Reality Labs to $470 million, management anticipates a decline in Q4 revenue due to the absence of new VR headset launches in 2025 [8][14]. Future Outlook - Investors will focus on key areas in the upcoming Q4 earnings report, including the performance of the advertising business, the impact of AI investments, and the ongoing challenges faced by Reality Labs [9][15]. - The company is expected to provide insights into spending trends for 2026, with indications that expenditure growth will be "significantly larger" [13][15]. Market Performance - As of the end of 2025, Meta's stock price increased by 12.74%, closing at $660.09, which is lower than the Nasdaq 100 index's total return of 21% for the year [17]. - The stock has experienced volatility, with a significant drop of 11.33% following the Q3 earnings report, primarily due to tax impacts distorting GAAP earnings [7][17]. Strategic Focus - CEO Mark Zuckerberg emphasized the strong performance of the business and community, highlighting the potential for exciting developments in the coming years, particularly in AI and augmented reality [4]. - The integration of AI is central to Meta's strategy, with a focus on enhancing advertising effectiveness and user engagement through advanced models and infrastructure [12].