<p><strong>Meta Platforms</strong>(META -0.07%) 的股价在发布第三季度财报后下滑，尽管该公司在本季度创下了超出预期的收入纪录。然而，投资者的关注再次转向支出，公司表示将继续增加资本支出，以利用其所看到的人工智能（AI）机会。</p>
<p>让我们仔细看看 Meta 的第三季度收益指引和 AI 雄心，看看投资者是否应该在股价小幅回调时买入。</p>
<h2>纪录业绩</h2>
<p>Meta 在第三季度交出了创纪录的业绩，收入同比增长 19%，达到 406 亿美元。广告收入几乎增长 19%，达到 399 亿美元，而 Reality Labs（Meta 的元宇宙和增强现实头戴设备的所在）收入同比增长 29%，达到 2.7 亿美元。应用程序的营业收入为 218 亿美元，而 Reality Labs 则亏损 44 亿美元。每股收益（EPS）同比激增 37%，达到 6.03 美元。</p>
<p>家庭日活跃用户（DAP）衡量的是每天登录其应用程序的注册用户，9 月份平均达到 32.9 亿，同比增长 5%。这略低于分析师预期的 33.1 亿。家庭每用户平均收入（ARPPU）则增长 12%，达到 12.29 美元。广告展示量同比增长 7%，而每个广告的平均价格上涨 11%。亚太地区被认为是推动展示量增长的因素。</p>
<p>其最新应用 Threads 在本季度达到了近 2.75 亿的月活跃用户，平台每天增加约 100 万用户。Meta 计划增加更多功能，以帮助用户及时了解他们关心的话题，并相信它可能成为下一个大型社交媒体应用。</p>
<p>与此同时，WhatsApp 在美国的使用持续增长，每天全球通话量达到 20 亿次。公司还表示，在 Facebook 上，年轻用户的积极趋势正在显现，尤其是在美国。至于 Instagram，Reels 继续获得良好反响，因为它持续推广原创内容。</p>
<p>Meta 预测第四季度收入将在 450 亿美元到 480 亿美元之间。中间值 465 亿美元高于分析师共识的 462 亿美元。</p>
<p>Meta 再次将全年资本支出预测的下限上调至 380 亿美元至 400 亿美元，之前的指导为 370 亿美元至 400 亿美元。同时，它预计 2025 年资本支出将大幅增加。首席执行官马克·扎克伯格表示，投资于 AI 和基础设施对未来增长至关重要。</p>
<p>公司指出，AI 正在推动用户参与度和在其平台上花费的时间，同时也帮助广告客户改善广告效果并提高转化率。它表示，其 Llama 大型语言模型（LLM）的令牌（帮助加速 AI 计算的预训练数据片段）呈指数增长。同时，它正在用超过 100,000 个 H200 <strong>Nvidia</strong> 图形处理单元（GPU）训练 Llama 4。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTYwNTUvZ2V0dHlpbWFnZXMtMTQyMjkyNTQ2OC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTYwNTUvZ2V0dHlpbWFnZXMtMTQyMjkyNTQ2OC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>现在是买入 Meta 股票的时候吗？</h2>
<p>Meta 创始人兼首席执行官马克·扎克伯格在追求未来增长方面毫不吝啬。Reality Labs 由于其相关的亏损一直是公司的资金消耗者，而 Meta 计划在明年大幅增加资本支出以追求 AI 增长。Reality Labs 是否会带来回报仍然是一个悬而未决的问题，但在 AI 方面的支出已经看到了一些强劲的早期成果。</p>
<p>然而，Meta 在构建平台时有着悠久的历史，并不急于从中获利。这就是 Facebook 和 Instagram 的构建方式，公司最终能够通过广告将其庞大的用户基础货币化，创造出今天这个价值 1.5 万亿美元的社交媒体巨头。因此，如果有任何公司和首席执行官在未来增长项目的支出上值得信任，那可能就是 Meta 和扎克伯格。</p>
<p>Meta 应该继续受益于其在 AI 方面的进展，这使得用户在其平台上花费更多时间，并带来更多广告收入。从估值的角度来看，基于 2025 年的分析师预估，该公司的前瞻市盈率（P/E）约为 23，具有吸引力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4a65b7e7bfc81a2d647807a64954a779.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4a65b7e7bfc81a2d647807a64954a779.png"/></p>
<p>META 市盈率（前瞻 1 年）数据来源于 YCharts</p>
<p>Meta 已证明是一个长期赢家，随着公司继续积极投资于未来，我认为它在未来也应该继续获胜。我会在当前水平买入该股票。</p>

META

<p>Meta Platforms 的股票下跌，尽管其报告了创纪录的第三季度收入为 326 亿美元，同比增长 19%。广告收入增长近 19%，而 Reality Labs 的收入增长了 29%，但报告了 34 亿美元的亏损。该公司计划增加资本支出，以抓住人工智能机会，预计第四季度收入将在 360 亿美元到 400 亿美元之间。首席执行官马克·扎克伯格强调了人工智能投资对未来增长的重要性。分析师认为该股票价格具有吸引力，可能成为寻求长期收益的投资者的买入选择</p>

<p><strong>Meta Platforms</strong>(META -0.07%) shares slipped following its third-quarter results, despite the company posting record revenue in the quarter that topped expectations. However, investor focus once again turned to spending, with the company indicating that it would continue to ramp up its capital expenditures (capex) to take advantage of the artificial intelligence (AI) opportunity it sees in front of it.</p>
<div class="lb-trans"><p><strong>Meta Platforms</strong>(META -0.07%) 的股价在发布第三季度财报后下滑，尽管该公司在本季度创下了超出预期的收入纪录。然而，投资者的关注再次转向支出，公司表示将继续增加资本支出，以利用其所看到的人工智能（AI）机会。</p>
</div><p>Let's take a close look at Meta's Q3 earnings guidance and AI ambitions to see if investors should be buying this modest pullback in the stock.</p>
<div class="lb-trans"><p>让我们仔细看看 Meta 的第三季度收益指引和 AI 雄心，看看投资者是否应该在股价小幅回调时买入。</p>
</div><h2>Record results</h2>
<div class="lb-trans"><h2>纪录业绩</h2>
</div><p>Meta turned in record Q3 results, as its revenue jumped 19% year over year to $40.6 billion. Ad revenue climbed nearly 19% to $39.9 billion, while Reality Labs, which is home to Meta's metaverse and the augmented reality headsets, saw revenue jump by 29% year over year to $270 million. Operating income from apps came in at $21.8 billion, while Reality Labs generated a loss of $4.4 billion. Earnings per share (EPS) surged 37% year over year to $6.03.</p>
<div class="lb-trans"><p>Meta 在第三季度交出了创纪录的业绩，收入同比增长 19%，达到 406 亿美元。广告收入几乎增长 19%，达到 399 亿美元，而 Reality Labs（Meta 的元宇宙和增强现实头戴设备的所在）收入同比增长 29%，达到 2.7 亿美元。应用程序的营业收入为 218 亿美元，而 Reality Labs 则亏损 44 亿美元。每股收益（EPS）同比激增 37%，达到 6.03 美元。</p>
</div><p>Family daily active people (DAP), which measures registered users who log in to one of its apps on a daily basis, increased 5% year over year to 3.29 billion on average in September. That was just short of analyst expectations of 3.31 billion. Family average revenue per person (ARPP), meanwhile, rose 12% to $12.29. Ad impressions were up 7% year over year, while the average price per ad climbed 11%. Asia Pacific was called out as helping drive impression growth.</p>
<div class="lb-trans"><p>家庭日活跃用户（DAP）衡量的是每天登录其应用程序的注册用户，9 月份平均达到 32.9 亿，同比增长 5%。这略低于分析师预期的 33.1 亿。家庭每用户平均收入（ARPPU）则增长 12%，达到 12.29 美元。广告展示量同比增长 7%，而每个广告的平均价格上涨 11%。亚太地区被认为是推动展示量增长的因素。</p>
</div><p>Its newest app, Threads, reached nearly 275 million monthly users in the quarter, with the platform gaining about 1 million users a day. Meta plans to add more features to help users stay up to date on topics they care about and believes it could become the next big social media app.</p>
<div class="lb-trans"><p>其最新应用 Threads 在本季度达到了近 2.75 亿的月活跃用户，平台每天增加约 100 万用户。Meta 计划增加更多功能，以帮助用户及时了解他们关心的话题，并相信它可能成为下一个大型社交媒体应用。</p>
</div><p>WhatsApp, meanwhile, continues to gain traction in the U.S. and reached 2 billion calls made globally every day. The company also said it was seeing positive trends with young adults on Facebook, especially in the U.S. With Instagram, meanwhile, it says Reels continues to see good traction, as it continues to promote original content.</p>
<div class="lb-trans"><p>与此同时，WhatsApp 在美国的使用持续增长，每天全球通话量达到 20 亿次。公司还表示，在 Facebook 上，年轻用户的积极趋势正在显现，尤其是在美国。至于 Instagram，Reels 继续获得良好反响，因为它持续推广原创内容。</p>
</div><p>Meta forecasted fourth-quarter revenue to be between $45 billion and $48 billion. The midpoint of $46.5 billion was above the $46.2 billion analyst consensus.</p>
<div class="lb-trans"><p>Meta 预测第四季度收入将在 450 亿美元到 480 亿美元之间。中间值 465 亿美元高于分析师共识的 462 亿美元。</p>
</div><p>Meta also once again raised the low end of its full-year capex forecast to a range of $38 billion to $40 billion, up from previous guidance of $37 billion to $40 billion. Meanwhile, it expects a significant increase in capex spending in 2025. CEO Mark Zuckerberg said the investments in AI and infrastructure, though, were critical to future growth.</p>
<div class="lb-trans"><p>Meta 再次将全年资本支出预测的下限上调至 380 亿美元至 400 亿美元，之前的指导为 370 亿美元至 400 亿美元。同时，它预计 2025 年资本支出将大幅增加。首席执行官马克·扎克伯格表示，投资于 AI 和基础设施对未来增长至关重要。</p>
</div><p>The company noted that AI is helping drive both user engagement and time spent on its platforms, while also helping advertisers improve their ads and increase conversions. It said its Llama large language model (LLM) has seen tokens (pre-trained snippets of computer data that help speed AI computation) grow exponentially. Meanwhile, it is training Llama 4 with over 100,000 H200 <strong>Nvidia</strong> graphic processing units (GPUs).</p>
<div class="lb-trans"><p>公司指出，AI 正在推动用户参与度和在其平台上花费的时间，同时也帮助广告客户改善广告效果并提高转化率。它表示，其 Llama 大型语言模型（LLM）的令牌（帮助加速 AI 计算的预训练数据片段）呈指数增长。同时，它正在用超过 100,000 个 H200 <strong>Nvidia</strong> 图形处理单元（GPU）训练 Llama 4。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTYwNTUvZ2V0dHlpbWFnZXMtMTQyMjkyNTQ2OC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F796055%2Fgettyimages-1422925468.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Is it time to buy Meta stock?</h2>
<div class="lb-trans"><h2>现在是买入 Meta 股票的时候吗？</h2>
</div><p>Meta founder and CEO Mark Zuckerberg is not shy about spending money in order to chase future growth. Reality Labs has been a money drain on the company given the losses associated with it, while Meta plans to significantly ramp up capex next year in pursuit of AI growth. Whether Reality Labs will pay off is a question that is still very much in the air, but the spending on AI is seeing some strong early results.</p>
<div class="lb-trans"><p>Meta 创始人兼首席执行官马克·扎克伯格在追求未来增长方面毫不吝啬。Reality Labs 由于其相关的亏损一直是公司的资金消耗者，而 Meta 计划在明年大幅增加资本支出以追求 AI 增长。Reality Labs 是否会带来回报仍然是一个悬而未决的问题，但在 AI 方面的支出已经看到了一些强劲的早期成果。</p>
</div><p>However, Meta has a long history of building out platforms without looking to initially profit from them. This is how Facebook and Instagram were built, and the company eventually was able to monetize its huge user bases through advertising to create the $1.5 trillion social media giant it is today. So if any company and CEO deserve the benefit of the doubt when it comes to spending on future growth projects, it is probably Meta and Zuckerberg.</p>
<div class="lb-trans"><p>然而，Meta 在构建平台时有着悠久的历史，并不急于从中获利。这就是 Facebook 和 Instagram 的构建方式，公司最终能够通过广告将其庞大的用户基础货币化，创造出今天这个价值 1.5 万亿美元的社交媒体巨头。因此，如果有任何公司和首席执行官在未来增长项目的支出上值得信任，那可能就是 Meta 和扎克伯格。</p>
</div><p>Meta should continue to benefit from the AI advancements it has made, which are leading to users spending more time on its platforms and more advertising dollars. From a valuation standpoint, the company is attractively priced at a forward price-to-earnings (P/E) ratio of about 23 based on 2025 analyst estimates.</p>
<div class="lb-trans"><p>Meta 应该继续受益于其在 AI 方面的进展，这使得用户在其平台上花费更多时间，并带来更多广告收入。从估值的角度来看，基于 2025 年的分析师预估，该公司的前瞻市盈率（P/E）约为 23，具有吸引力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4a65b7e7bfc81a2d647807a64954a779.png" alt="" original-src="https://media.ycharts.com/charts/4a65b7e7bfc81a2d647807a64954a779.png"/></p>
<p>META PE Ratio (Forward 1y) data by YCharts</p>
<div class="lb-trans"><p>META 市盈率（前瞻 1 年）数据来源于 YCharts</p>
</div><p>Meta has proven to be a long-term winner and with the company continuing to aggressively invest in its future, I think it should continue to be a winner in the future. I'd be a buyer of the stock at current levels.</p>
<div class="lb-trans"><p>Meta 已证明是一个长期赢家，随着公司继续积极投资于未来，我认为它在未来也应该继续获胜。我会在当前水平买入该股票。</p>
</div>

Meta Platforms Stock Slips Despite Delivering Record Revenue. Is It Time to Buy the Dip?

- Meta 发布第三季度财报，营收同比增长 19% 至 320 亿美元。  
- 公司计划增加资本支出以抓住人工智能机会，预计 2024 年支出将显著增加。  
- 尽管 Reality Labs 亏损，Meta 仍看好未来增长，预计第四季度营收将超出分析师预期。  

尽管 Meta Platforms 交付了创纪录的收入，其股票仍然下跌。现在是逢低买入的好时机吗？