Investment Rating - Buy rating with a target price of 710,representinga15.6840.59 billion, up 18.9% YoY, exceeding both the company's guidance and Bloomberg consensus estimates [2][10] - Family of Apps revenue was 40.32billion,withadvertisingrevenueat39.89 billion, up 26.8% YoY [2][10] - Reality Labs revenue was 270million,up28.615.69 billion, up 35.4% YoY, surpassing consensus estimates [2][10] - Diluted EPS was 6.03,higherthantheconsensusestimateof5.24 [2][10] - Capital expenditures were 9.2billion,primarilyinvestedindatacenters,servers,andnetworkinfrastructure[2][10]AIandAdvertising−Meta′sAI−drivenadvertisingsystemnowconsidersuseractionsbeforeandafterviewingads,improvingconversionratesby2−412.29 [3][16] - WhatsApp now handles over 2 billion daily calls, and Threads has nearly 275 million monthly active users, adding over 1 million new users daily [3][16] - Reels continues to gain traction, with over 60% of recommended posts in the US being original content [16] Reality Labs and VR - Reality Labs revenue grew 28.6% YoY to 270million,drivenbythepopularityofRay−BanMetaglasses[19]−MetalaunchedthemoreaffordableQuest3SVRheadsetat299, targeting a broader market [19] - VR/AR headset shipments reached 9.7 million units in 2024, with Oculus maintaining a 60% market share [19] Future Outlook - Meta expects 24Q4 revenue to be between 45−48billion,withthemidpointaboveconsensusestimates[2][13]−Thecompanyhasraisedits2024full−yearexpenditureguidanceto96-99 billion, with capital expenditures expected to be $38-40 billion [13] - Meta is transitioning from an "All in VR" strategy to exploring both VR and AI as potential growth drivers [19] - The company's future profitability is expected to benefit from ARPU growth, AI-driven efficiency, and cost control measures [13][24]
Meta Platforms(META) 第一上海证券·2024-12-05 07:46