Meta Platforms exceeds 1Q targets, positive 2Q outlook


Meta Platforms beats 1Q2023 in its results and releases good guidance for 2Q. +12% in the aftermarket: Main figures vs. consensus (Bloomberg): Revenues $28.645M (+3.0% YoY) vs. estimated $27.67bn and $26.0bn/$28.5bn guidance, EBIT $7.227m (-15%) vs. 6,860M$ and BNA 5,709M$ (-24%) vs. $5,139M estimated. Monthly active users reach 2,990M vs 2,960M the previous quarter and 2,996M expected by the market. Average revenue per ad continues to contract (-17% vs. -22% in the prior quarter and -14.3% estimated), although the number of ads is up (+26% vs. +23% prior and +13.8 % My dear).

Opinion of The Bankinter Analysis Team

Q2 figures beat consensus estimates. In addition, the Company releases better-than-estimated guidance for 2Q advertising revenue while lowering its full-year cost estimate. An environment of economic uncertainty favors advertising to concentrate on more established platforms (Instagram or Facebook). Specifically, it estimates revenue of $29.5bn/$32.0bn in Q2 vs. $29,530M estimated by consensus and costs for the year of $86,000M/$90,000M vs. $86bn/previous $92bn. With this, the value advances +12% in the aftermarket.

Two issues concern us in the future: (i) the little room for maneuver to continue reducing costs once the Company has been announcing different efficiency measures and (ii) a context of increased competition from other platforms that, together with the changes of Apple’s privacy policy, will penalize the growth of advertising revenue. Link to the note published by the Company.

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