ถึงแม้งบ META Platforms (META) จะออกมาในทิศทางที่ดี โดยรายได้เพิ่มขึ้น 23%YoY หลังมีแรงหนุนจาก Ads แกร่งและเร็วกว่าคู่แข่งอย่าง GOOGL และ SNAP รวมถึงบริษัทฯ ให้การคาดการณ์งบในไตรมาสหน้า (4Q23) ดีกว่าคาด และมีการปรับลดคาดการณ์ค่าใช้จ่ายในปี 23 ลง แต่อย่างไรก็ดี ด้วยภาพ 1) ราคา Ads ที่ลดลงเป็นไตรมาสที่ 6 ติดต่อกัน 2) คำเตือนของ Meta เกี่ยวกับปัจจัยมหภาคที่มีความไม่แน่นอน ซึ่งอาจส่งผลกระทบต่อรายได้และแผนการใช้จ่ายที่มีราคาแพงในปี FY24 ด้วยภาพความกังวลเหล่านี้จึงทำให้ตลาดตอบสนองเชิงลบต่อประเด็นนี้มากกว่าการฟื้นตัวของ Ads และงบที่ออกมาโต
Markets
Earnings Brief - Meta
26 October 2023 Meta Platforms, Inc. META
Bloomberg META.US
Reuters META.O
Meta's Ad Business Shows Initial Recovery, Yet Warnings Uncertainty Amidst Broader Economic Challenges
Earnings Result
In comparing the previous quarter to the current quarter, the company reported a higher net income of $7.788 billion compared to $6.687 billion in the same period last year. Additionally, revenue increased from $28.822 billion to $31.999 billion. The company's outlook and forecast for the current quarter are subject to various risks and uncertainties, including potential restrictions on product access and advertising sales, litigation and government inquiries, privacy and regulatory concerns, and challenges in managing operations at scale.
Profitability surge in 3Q23
In 3Q23, META Platforms showcased outstanding profitability, beating expectations with a 167.68% YoY increase in EPS to $4.39 and a 100% rise in operating margin to 40%, significantly outperforming the 33.9% estimate and last year’s 20% margin.
Revenue beat expectation driven by strong growth in Advertising
The company reported revenue exceeded estimates, posting an 23% year-over-year. Revenue growth for each business segment is as follows: - Advertising revenue increased from $27,237 million in 2022 to $33,643 million in 2023, representing a year-over-year change of 24%. - Other revenue increased from $192 million in 2022 to $293 million in 2023. - Family of Apps revenue increased from $27,429 million in 2022 to $33,936 million in 2023, representing a year-over-year change of 24%. - Reality Labs revenue decreased from $285 million in 2022 to $210 million in 2023.
Financial Highlight
In the third quarter of 2023, Meta Platforms, Inc. reported a strong financial performance with a 23% increase in revenue compared to the same period last year. The company's income from operations also saw a significant increase of 143%. Additionally, Meta's Family daily active people (DAP) and Family monthly active people (MAP) both experienced a 7% year-over-year growth.
Outlook
META expects fourth quarter 2023 total revenue to be in the range of $36.5-40 billion. The company also anticipate that full-year 2023 total expenses will be in the range of $87-89 billion, including approximately $3.5 billion of restructuring costs.
Risk and concern
Despite Meta's initial signs of recovery in its ad business, concerns arise due to potential macro uncertainties, costly 2024 spending plans on AI, and continued investments in the unprofitable Reality Labs division.
Revenue - %Chg YoY | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 |
|---|---|---|---|---|---|
Advertising in Family of Apps | 4.1% | 11.9% | 23.5% | 20.5% | 16.9% |
Other in Family of Apps | -4.7% | 3.2% | 52.6% | 16.2% | 13.3% |
Reality Labs | -51.2% | -38.9% | -26.3% | 10.0% | 31.8% |
Sentiment | 2Q23 | 3Q23 | 4Q23 | 1Q24 |
|---|---|---|---|---|
net profit | Negative | Neutral | Positive | Positive |
margin | Negative | Neutral | Neutral | Neutral |
revenue | Neutral | Positive | Positive | Positive |
Stock data | |
|---|---|
Market Cap (USD Million) | 770.74 |
Beta | 1.34 |
Last close | 299.53 |
12-m Low / High | 88.1 / 330.5 |
Target price | 380.00 |
Return Potential | 26.9 % |
% of Buy / Sell rating | 88.0 % / 3.0 % |
Valuation data | 12m Forward | 5-Yr Average |
|---|---|---|
P/E | 17.60 | 22.55 |
P/B | 3.91 | 5.24 |
P/S | 5.16 | 6.99 |
EV/EBITDA | 9.11 | 11.04 |
Dividend Yield | 0.0 % |
Meta Platforms, Inc.
Meta Platforms, Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. Meta Platform is also involved in advertisements, augmented, and virtual reality.
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By Sittichai Duangrattanachaya, powered by AI
Contact : e-mail: [email protected], tel. 02-294-1031 InnovestX Research