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Meta Platforms exceeds Q3 expectations

30 October 2023 By Klavs Valters

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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.

You can trade Meta Platforms Inc. (NASDAQ:META) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.

GO Markets now offers pre-market and after-market trading on popular US Share CFDs, including Meta Platforms.

Trade the pre-market session: 4:00am to 9:30am, normal session, and after-market session: 4:00pm to 8:00pm, Eastern Standard Time.

Why trade during extended hours?

  • Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
  • Reduce your risk and hedge your existing positions ahead of a new trading day
  • Extended trading hours on popular US stocks means extended opportunities

Sources: Meta Platforms Inc., TradingView, MarketWatch, Benzinga, CompaniesMarketCap

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Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.