Meta Platforms exceeds Q3 expectations

Meta 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