Summary
Meta stock is up more than 45% in 2024. The social media giant will announce its results for its March-ending quarter on April 24. Analysts project Meta will post sales of $36.14 billion, up 26% from the same period in 2023.
The latest version of the Meta software is designed to make it easier for people to create and share content. The software was developed by the same team that created the popular social network Facebook. The new software is called Meta. It is designed by the team behind the popular "Facebook Messenger" app.
Meta's social media empire includes Facebook, Instagram, Messenger, Reels, WhatsApp and Threads. Research firm eMarketer estimates Meta will capture 21.9% of all U.S. digital advertising sales in 2024. Some analysts see further upside for Meta's sales growth.
The company easily topped Wall Street analysts consensus estimate with earnings of $5.33 per share and sales of $40.1 billion. Sales for the quarter increased 25% year over year, while earnings increased 203%. That marked a gain in value of nearly $200 billion in market cap for the company.
Meta competes for digital advertising dollars with Google and Amazon. But the company's most intense rivalry these days is with Apple. Apple is making its own virtual-reality play with the Vision Pro headset. Meanwhile, Meta also recently announced it would pass on a 30% service charge from Apple.
Since IPO (May 18, 2012) 1.7 million shares of Amazon.com Inc. (NASDAQ: AMZN) have been sold. 1.8 million shares have been bought since IPO (April 18, 2013). 1.9 million shares were sold since IPO.