Meta Platforms Shares Slip After-Hours as 2024 Capex Outlook Raised
$Meta Platforms (META.US)$ shares slipped 3.2% in extended trading after the company raised the low end of its capital expenditures outlook, overshadowing the earnings and revenue beat for the third quarter.
Meta sees capex for all of 2024 to be in the range of $38 billion to $48 billion, according to its press release. That compares with a previous range of $37 billion to $40 billion, and the $38.06 billion expected by analysts, according to Bloomberg consensus.
The company sees revenue for the current quarter to be in the range of $45 billion to $48 billion. Analysts, on average, expected revenue for the three months ending in December to reach $46.09 billion.
Facebook's parent company reported earnings of $6.03 for the third quarter, exceeding the $5.25 expected by analysts, according to estimates compiled by Bloomberg. Revenue for the quarter reached $40.59 billion, higher than the $40.25 billion average analyst estimate.
"We continue to expect significant capital expenditures growth in 2025," Susan J. Li, Meta's chief financial officer said in the company's earnings release. "Given this, along with the back-end weighted nature of our 2024 capital expenditures, we expect a significant acceleration in infrastructure expense growth next year as we recognize higher growth in depreciation and operating expenses of our expanded infrastructure fleet."
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Former editor at Bloomberg, ex-commentary editor at Lazard. Posts aren’t investment advice. Views are just mine.
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Jacob Gao : i don’t think so
72951079 : Why it is still down?!
MAVA Jacob Gao : Huh
Cypher09 : Then why the hell is it going down?!
jimmydeans : People that owned it are probably selling for profits
Dimitar Boyn : This has been the regular pattern this year - check all last reports from previous quarters on tech stocks - beat expectations still go down
72757293 : ive lost a shit load being on the right side of their earnings
Doditty 72951079 : Sell the news
Middleman_chen : Expenditure carries negative connotations.
Warren Buffed : CAPEX or OPEX convert to capex?
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