Amazon and Meta Q3 earnings preview

META will release its Q3 2024 earnings report after the market closes on October 30.
Amazon will release its Q3 2024 earnings report after the market closes on October 31.

[Overview]
Meta
CFO Susan Li forecasts Q3 2024 revenue to be between $38.5 billion and $41 billion, a year-on-year increase of 12-20%. Analyst consensus is $40.18 billion. Based on projections, Meta has performed exceptionally strong this year, exceeding expectations every quarter so far. The company has been aggressively investing in its AI positioning to secure a leading position alongside Microsoft (MSFT).
Wall Street analysts have high expectations, with 42 analysts tracking Meta stock giving it a "buy" rating, 4 a "hold" rating, and 1 a "sell" rating. Additionally, Meta's average target stock price is $628.77, implying an 8.8% upside potential. Year-to-date, Meta's stock has risen 63.8%.

Amazon
Q3 2024 net sales are expected to range between $154 billion and $158.5 billion, a year-on-year increase of 8% to 11%. According to Bloomberg data, analysts generally expect Amazon's Q3 revenue to be around $157.34 billion, with adjusted earnings per share of $1.41, representing year-on-year growth of 9.96% and 1%, respectively.

[Institutional Moves]
"Wood Sister" Cathie Wood recently continued to sell Tesla stock while increasing positions in Amazon and Meta.
Latest data from Wood's Ark Investment Management shows that its ARK Innovation ETF (ARKK) and Ark Next Generation Internet (ARKW) ETFs sold 120,141 Tesla shares worth $31.54 million on October 28. ARKK and ARKW ETFs additionally purchased 141,504 Amazon shares worth $26.66 million. Over the past few trading sessions, Wood has been accumulating Amazon stock in anticipation of strong Q3 earnings.

$Meta Platforms(META.US) $Amazon(AMZN.US)