Meta Platforms(US:META) 第一财经·2026-01-29 09:57Core Viewpoint - Meta's Q4 2025 earnings report exceeded market expectations, driven by strong advertising performance, leading to a significant stock price increase post-announcement [3][5]. Financial Performance - Q4 2025 revenue reached $59.893 billion, a 24% increase year-over-year, while net income was $22.768 billion, up 9% [4][5]. - For the full year 2025, Meta's revenue was $200.966 billion, a 22% increase, but net income decreased by 3% to $60.458 billion [5]. - Advertising revenue in Q4 grew by 24% to $58.1 billion, accounting for 97% of total revenue [5]. Future Guidance - Meta's Q1 2026 revenue guidance is projected to grow by 26%-34%, reaching between $53.5 billion and $56.5 billion, significantly above the market's 21% growth expectation [6]. - The positive outlook is attributed to expectations around the commercialization of Threads and the continued success of Reels [6]. Capital Expenditure - Meta's capital expenditure for Q4 was $22.14 billion, with a full-year total of $72.22 billion, and guidance for 2026 suggests spending between $115 billion and $135 billion, nearly double the previous year [7]. - The increase in capital expenditure is primarily aimed at supporting the Meta Superintelligence Labs and core business investments [7]. AI Developments - Meta is focusing on AI advancements, with plans to launch new models, including the Avocado language model and the Mango image and video model, in the upcoming months [8][9]. - The newly established Meta Superintelligence Labs has already delivered promising AI models, indicating strong potential for future developments [8][9].