股价盘后大涨逾8% ！Meta四季度业绩、一季度指引、全年资本支出超预期

Core Viewpoint - Meta's financial performance in Q4 and guidance for Q1 2026 exceeded market expectations, driven by AI-enhanced advertising business, leading to a significant increase in stock price [1][3][8] Financial Highlights - Q4 Revenue: $59.893 billion, surpassing analyst expectations of $58.42 billion; 2024 full-year revenue projected at $48.385 billion, a 24% year-on-year increase [4] - Costs and Expenses: $35.148 billion in Q4, with 2024 projected at $25.020 billion, a 40% increase [4] - Operating Profit: $24.745 billion in Q4, with 2024 expected at $23.365 billion, a 6% increase [4] - Net Profit: $22.768 billion in Q4, with 2024 projected at $20.838 billion, a 9% increase [4] - Diluted EPS: $8.88 in Q4, with 2024 expected at $8.02, an 11% increase [4] Capital Expenditure and Guidance - 2026 Capital Expenditure: Expected to reach between $115 billion and $135 billion, significantly higher than the analyst average of $110.6 billion [6][10] - Total Expenses for 2026: Projected to be between $162 billion and $169 billion [11] AI and Advertising Business - AI investments are enhancing the precision and effectiveness of Meta's advertising, contributing to strong revenue performance [14] - The company is focusing on building infrastructure and talent to support its AI initiatives, which are seen as essential for competing in the AI landscape [7][10] Reality Labs and Metaverse Costs - Reality Labs reported an operating loss of $6.02 billion in Q4, with cumulative losses nearing $80 billion since late 2020 [19][20] - The company is reallocating resources from virtual reality to AI and wearable devices, indicating a strategic shift in focus [20]