Metaplatform (Nasdaq:MetaAccording to Trust Securities, sales are expected to exceed consensus estimates when the company releases its 2024 first-quarter results one week from today.
Trust Company has raised its estimated earnings for the quarter as follows: $36.54 billion From $36.12 billion.that We have raised our GAAP earnings per share estimates as follows: $4.28 From $4.18.
The North Carolina-based bank also reiterated its “buy” rating on the social media giant and set a price target. $550 From $525.
“Reflecting improved monetization after two years of compression, increased impression volume, and strengthening must-buy status within the digital advertising ecosystem amid ongoing cookie deprecation and volatile macros,” Truist analysts wrote. As a result, we are raising META’s Q1 and FY24 forecasts.” Youssef Skuari and others wrote in a memo Wednesday.
“Additionally, we believe Meta’s significant AI investments will result in better rankings and recommendation results for users and advertisers, resulting in better outcomes for both parties,” Squali added.
Trust also pointed to data from Sensor Tower showing Meta’s Facebook led all social media platforms in year-over-year growth in average daily time spent per user in the first quarter. . 3%. Next up was Google’s (GOOG)(GOOGL) YouTube. 1% growth.Meanwhile, ByteDance’s (BDNCE) TikTok has fallen. Four%.
Meta plans to release its first quarter 2024 financial results after the market closes on April 24th. Analyst consensus expects quarterly revenue to total $36.14 billion and GAAP earnings per share to be $4.31.
