Meta于今晨发布2024年第二季财报，实现广告收入同比增22%，指引同比增长13%-20%。受 Temu与Shein在社交广告上投放减弱影响，Meta广告收入增速放缓。另一方面，由于资本开支和经营费用增长，下半年广告增速承压，AI增量成本对利润率造成双方向削弱。然而，海豚君认为Meta的中长期估值仍具吸引力，建议关注短期 EPS 下修风险。此外，需要注意的是，市场对于Meta广告收入增速的关注度高于其他一切指标。
Meta Inc., the world's largest internet company, has released its second quarter earnings report for 2024. According to the report, the advertising revenue of Meta exceeded $30 billion and grew by 22% compared to the same period last year, reflecting an increase of 13-20% from previous quarters.
The decline in Temu and Shein's social advertising initiatives may have had a negative impact on Meta's advertising growth. However, this is not the only reason for the slow pace of growth. The cost of capital and operating expenses also increased during the reporting period, which may affect the company's profitability. As AI innovations continue to add to the cost of operations, there will be both positive and negative effects on margins.
Despite these challenges, Meta CEO Mark Zuckerberg remains optimistic about the future of the company. He believes that despite the challenges faced, the long-term value of Meta still stands tall.
One potential concern with the company's earnings growth is the possibility of a slowdown in EPS (earnings per share) due to EPS cuts. This could cause market volatility, as investors may be less likely to invest in companies with low earnings growth rates.
However, it is important to keep in mind that this is just one aspect of the company's performance. While EPS cut concerns are valid, it is also essential to consider other metrics such as revenue growth and profit margin. These measures can provide more comprehensive insights into the company's financial health and future prospects.
In conclusion, while Meta's advertising growth rate may have slowed down compared to previous quarters, the company's overall health and prospects remain strong. The company's high valuation, even if driven by short-term EPS cut concerns, presents significant upside potential. Therefore, it is recommended to keep an eye on these metrics and to consider the longer-term perspective of investing in Meta.