Meta Platforms (NASDAQ: META) reported Q3 EPS of $6.03, $0.82 better than the analyst estimate of $5.21. Revenue for the quarter came in at $40.59 billion versus the consensus estimate of $40.18 billion.

GUIDANCE:

Meta Platforms sees Q4 2024 revenue of $45-48 billion, versus the consensus of $46.09 billion.

• We expect fourth quarter 2024 total revenue to be in the range of $45-48 billion. Our guidance assumes foreign currency is approximately neutral to year-over-year total revenue growth, based on current exchange rates.
• We expect full-year 2024 total expenses to be in the range of $96-98 billion, updated from our prior range of $96-99 billion. For Reality Labs, we continue to expect 2024 operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and investments to further scale our ecosystem.
• We anticipate our full-year 2024 capital expenditures will be in the range of $38-40 billion, updated from our prior range of $37-40 billion. We continue to expect significant capital expenditures growth in 2025. 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.
• Absent any changes to our tax landscape, we expect our fourth quarter 2024 tax rate to be in the low-teens.
• In addition, we continue to monitor an active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and our financial results.

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