Meta四季度业绩、一季度指引、全年资本支出超预期，股价盘后大涨逾11%

Core Viewpoint - Meta's fourth-quarter earnings report shows that the company's revenue and guidance for the first quarter of 2026 significantly exceeded market expectations, driven by a strong AI-enhanced advertising business. The company also provided a capital expenditure forecast for 2026 that is substantially higher than analyst predictions, leading to a post-market stock price increase of over 11% [2][3][8]. Financial Highlights - Fourth-quarter revenue reached $59.893 billion, surpassing analyst expectations of $58.42 billion. The full-year revenue for 2024 is projected to be $48.385 billion, representing a 24% year-over-year increase [4]. - Total costs and expenses for the fourth quarter were $35.148 billion, with a forecast of $25.020 billion for 2024, reflecting a 40% year-over-year increase [4]. - Operating profit for the fourth quarter was $24.745 billion, with a projected $23.365 billion for 2024, indicating a 6% year-over-year growth [4]. - Net profit for the fourth quarter was $22.768 billion, with a forecast of $20.838 billion for 2024, showing a 9% year-over-year increase [4]. - The diluted earnings per share (EPS) for the fourth quarter was $8.88, with a projected $8.02 for 2024, marking an 11% year-over-year growth [4]. Capital Expenditure and Guidance - Meta anticipates capital expenditures for 2026 to reach between $115 billion and $135 billion, significantly exceeding the analyst average estimate of $110.6 billion and nearly doubling last year's investment [6][11]. - The company expects total expenses for 2026 to range between $162 billion and $169 billion, with the increase primarily driven by infrastructure costs and employee compensation [7][16]. AI-Enhanced Advertising Business - The strong performance in the fourth quarter was largely attributed to the robust advertising business, which has been significantly enhanced by AI investments. The company reported an 18% year-over-year increase in ad impressions for the fourth quarter and a 6% increase in average ad prices [20]. - Meta's CEO Mark Zuckerberg emphasized the importance of AI in improving ad targeting and effectiveness, indicating future opportunities in advertising and subscriptions [21]. Reality Labs and Metaverse Costs - The Reality Labs division reported an operating loss of $6.02 billion in the fourth quarter, with revenues of $0.955 billion. The cumulative operating loss for this division since late 2020 has approached $80 billion [27][28]. - Despite the high costs associated with the metaverse, Meta is reallocating resources from virtual reality to AI and wearable devices, including partnerships for developing smart glasses [29][30].