Meta Platforms Earnings Update
Meta Platforms (NASDAQ: META) reported strong financial results on April 29, 2023, with a growth rate of 33% for the quarter ending March 31. However, the company raised its capital expenditure (capex) guidance for the year to a range of $125 billion to $145 billion, up from a previous range of $115 billion to $135 billion. The increase is attributed to higher component pricing and additional data center costs.
Despite solid quarterly growth, Meta’s stock has declined by 8% since the start of the year, closing just under $609, nearing its 52-week low of $520.26. The company currently trades at a price-to-earnings multiple of 22, below the S&P 500 average of 26, which raises questions about its long-term sustainability, particularly amid heavy investments in AI and the metaverse.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
