According to Truist Securities, Meta Platforms (NASDAQ:META) is anticipated to surpass consensus revenue estimates in its upcoming first-quarter 2024 financial results, scheduled for release in one week.
Truist has revised its revenue projection for the quarter to $36.54 billion, up from $36.12 billion previously. Additionally, the bank has adjusted its GAAP earnings per share estimate to $4.28, compared to the earlier estimate of $4.18. Truist has reaffirmed its Buy rating on Meta and increased its price target from $525 to $550.
Youssef Squali and colleagues at Truist emphasized the improving monetization trends for Meta, driven by factors such as increased impression volume and a stronger position within the digital advertising ecosystem. They attribute Meta’s enhanced performance to ongoing developments such as cookie deprecation and significant investments in AI, resulting in better user and advertiser experiences.
Truist also highlighted data from Sensor Tower indicating that Meta’s Facebook platform saw a 3% year-over-year growth in time spent per daily average user during the first quarter, outperforming competitors like Google’s YouTube, which experienced 1% growth, and ByteDance’s TikTok, which declined by 4%.
Meta is scheduled to announce its first-quarter 2024 financial results after the market closes on April 24. Analyst consensus anticipates quarterly revenue of $36.14 billion and GAAP earnings per share of $4.31.
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