Meta Platforms exceeds Q3 expectations
30 October 2023Meta Platforms Inc. (NYSE:META) announced its latest financial results after ther market close in the US on Thursday. Marc Zuckerburg’s company crushed analyst estimates for the quarter. Let’s take a closer look at how the company and the stock has performed.
The results
Meta reported revenue of $34.146 billion for Q3 (up by 23% year-over-year) vs. $33.579 billion expected.
EPS reported at $4.39 per share (up by 168% year-over-year) vs. $3.643 per share estimate.
The company expects revenue of around $36.5 to $40 billion in Q4.
CEO commentary
“We had a good quarter for our community and business,” Mark Zuckerberg, CEO of Meta Platforms said in a statement to investors.
“I’m proud of the work our teams have done to advance AI and mixed reality with the launch of Quest 3, Ray-Ban Meta smart glasses, and our AI studio,” Zuckerberg added.
The stock
The stock was down by 3.73% at $288.35 a shon Thursday before the latest earnings were announced. However, the stock has experienced a tremendous year so far and is up by over 130% year-to-date.
Stock performance
- 1 month: -3.95%
- 3 months: -11.41%
- Year-to-date: +139.61%
- 1 year: +190.68%
Mate Platforms stock price targets
- Truist Securities: $405
- RCB Capital: $400
- Piper Sandler: $355
- Wedbush: $350
- Wells Fargo: $380
- Barclays: $400
- Rosenblatt: $411
- Keybanc: $380
- JP Morgan: $400
Meta Platforms is the 7th largest company in the world with a market cap of $741.01 billion.
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Sources: Meta Platforms Inc., TradingView, MarketWatch, Benzinga, CompaniesMarketCap
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