Expectations are high for Facebook, Instagram and WhatsApp owner Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) heading into its first quarter earnings report next week but based on the company's recent performance it doesn't appear to be anything it can't live up to.
Shares of the California-based tech giant surged in February after it handed down its 4Q 2023 report when it posted record revenue and announced its first-ever dividend.
For Q1, Wall Street analysts expect the tech firm to report a more than 95% surge in earnings per share (EPS) to $4.31 from $2.20 in the year-ago quarter.
Revenue is expected to grow 25% year-over-year to $36.22 billion.
Meta has guided revenue in the range of $34.5 billion to $37 billion.
Investors will be on the lookout for updates on the company's cost savings efforts and its broader AI push after earlier this month it launched an updated custom AI chip.
Meta will report its first quarter earnings after the market close on Wednesday, April 24.
Shares of Meta traded modestly lower in the lead-up to its quarterly report, down 0.2% at about $495 late morning on Wednesday.
The stock has gained about 125% in the last 12 months, in January again surging above a trillion dollar market capitalization.
- Updated with share price movement -