New York, Thursday, October 31, 2024-Meta Platforms (META) exceeded Q3 earnings estimates, reporting adjusted earnings of $6.03 per share, surpassing the Zacks Consensus Estimate of $5.19 per share by 16.18%.
Details of the Q3 can be seen here.
This marks an increase from last year’s $4.39 per share. Revenue also beat expectations, reaching $40.59 billion, a 0.95% increase over forecasts and up from $34.15 billion in the same period last year.
This quarter continues Meta’s trend of beating analyst expectations, with the company surpassing EPS and revenue estimates for the fourth consecutive quarter. Meta’s stock has risen 67.6% this year, significantly outpacing the S&P 500’s 22.3% gain.
Meta, categorized within Zacks’ Internet-Software industry, now holds a favorable Zacks Rank #2 (Buy), suggesting continued potential for near-term growth.
Future stock movements will hinge on management’s upcoming earnings call commentary, particularly as analysts adjust their forecasts.
For the next quarter, Meta is expected to post earnings of $6.33 per share on $46.18 billion in revenue, with an annual target of $21.47 per share on $161.95 billion in revenue.
