Here's why Meta stock could skyrocket this week

Group 1: Meta Platforms Stock Performance - Meta Platforms stock experienced a remarkable increase of nearly 39% in the first quarter of 2024, indicating potential for further growth due to upcoming events [1] - The stock price rose by 21% following the most recent earnings report, highlighting a positive trend for META shares post-earnings [1] Group 2: Upcoming Earnings Report - The upcoming earnings report is expected to reveal quarterly earnings of $4.32 per share, representing a significant 63.6% increase year-over-year [2] - Analysts forecast revenues of $36.25 billion, reflecting a solid 26.6% year-over-year growth, with a 1% upward revision in consensus earnings per share estimates over the past 30 days [2] - Revenue from Reality Labs is anticipated to reach $525.62 million, a substantial 55.1% increase from the previous year, while Family of Apps revenue is expected to hit $35.89 billion, indicating a 26.8% year-over-year growth [2] Group 3: Competitive Landscape - Legislation approved by The House could compel ByteDance to sell TikTok, potentially decreasing competition and leading to a migration of users to other social media platforms, particularly Facebook and Instagram, both owned by Meta [3]