<p>在发布第一季度财报之前，人们担心来自中国的电子商务出口商（如 Temu 和 Shein）减少支出将如何影响 <strong>Meta Platforms</strong>（META 4.30%）。这些担忧在很大程度上得到了证实，因为中国电子商务公司去年占其收入的约 11%，而市场情报公司 Pathmatics 的数据表明，Temu 在 Facebook 上的支出曾在某个时刻突然从每天超过 100 万美元降至几乎为零。</p>
<p>来自中国电子商务出口商的广告支出减少，既源于当前的美中关税战争，也源于对价值低于 800 美元的商品免税进入美国的豁免政策的结束。这项免税政策促进了 Temu 和 Shein 等公司的增长，进而使它们在美国的数字广告支出大幅增加。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY4NjAvZ2V0dHlpbWFnZXMtNDgzNjYxMTg3LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY4NjAvZ2V0dHlpbWFnZXMtNDgzNjYxMTg3LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>然而，当 Meta 发布最新财报时，通过提供强劲的年度指导来安抚投资者，同时指出来自中国电子商务出口商的部分广告支出已转向其他市场。</p>
<p>与此同时，人工智能（AI）正在推动 Meta 的增长，公司显著增加了对数据中心基础设施的投资，以支持其人工智能的雄心。</p>
<h2><strong>人工智能推动强劲业绩</strong></h2>
<p>Meta 再次交出了一份出色的季度业绩，轻松超出分析师预期。其第一季度收入同比增长 16%，以固定汇率计算增长 19%，达到 423.1 亿美元，而每股收益（EPS）同比激增 37%，达到 6.43 美元。该业绩远超 LSEG 汇编的分析师对收入 414 亿美元和每股收益 5.28 美元的预期。</p>
<p>广告收入也增长了 16%，达到 414 亿美元。Reality Labs 的收入（Meta 的元宇宙项目及其增强现实头戴设备和智能眼镜的所在地）下降了 6%，至 4.12 亿美元。社交媒体应用的营业收入增长了 23%，达到 218 亿美元，而 Reality Labs 则录得 42 亿美元的亏损。</p>
<p>Meta 的广告增长主要得益于广告展示量增加 5% 和每个广告平均价格上涨 10%。这表明 Meta 能够向其用户群展示更多广告，同时也能够向广告主收取更高的价格。这是一个强大的组合，主要得益于其在人工智能方面的投资。</p>
<p>首先，人工智能正在帮助提高用户在其平台上的参与度，从而为其提供更多机会向用户展示广告。它表示，基于人工智能的推荐使人们在 Facebook 上花费的时间增加了 7%，在 Instagram 上增加了 6%。</p>
<p>其次，人工智能帮助广告主更好地找到和定位可能对其产品感兴趣的受众。人工智能还帮助广告主创建更好的广告活动，从而提高转化率。因此，广告主更倾向于在 Meta 的社交媒体平台上投资广告，推动广告价格上涨。</p>
<p>Meta 的用户基础也在持续增长。家庭每日活跃用户（DAP）——即每日登录 Meta 应用的注册用户——在 3 月份同比增长 6%，达到 34.3 亿。这一数字也高于分析师对 3.39 亿 DAP 的预期。</p>
<p>Meta 最新的应用程序 Threads 用户基础持续良好增长，月活跃用户超过 3.5 亿，较年末的 3.2 亿有所增加。公司刚刚开始向广告主开放 Threads，预计将逐步在该平台上引入广告，今年不会成为重要的收入来源。</p>
<p>Meta 预测第二季度收入将在 425 亿美元至 455 亿美元之间，同比增长 9% 至 16%。这与分析师对第二季度收入 440 亿美元的共识相比有所不同。该预测反映了公司在 4 月份对中国电子商务广告主的观察。首席执行官马克·扎克伯格表示，公司表现良好，并且在应对当前经济不确定性方面处于良好位置。</p>
<p>公司还大幅提高了全年资本支出预期，范围为 640 亿美元至 720 亿美元，之前的预测为 600 亿美元至 650 亿美元。它表示，这反映了对数据中心投资的增加，以支持其人工智能工作，以及预计的更高硬件成本。</p>
<h2><strong>Meta 股票值得购买吗？</strong></h2>
<p>在科技股抛售期间，Meta 受到重创，股票仍比高点下跌超过 20%。然而，公司在本季度展示了其并不依赖于来自中国电子商务出口商的广告，并且人工智能是其广告收入增长的主要驱动力。尽管公司并非完全免疫于疲软的宏观环境和当前的美中贸易战，但它显示出源于人工智能投资的长期增长能够克服任何周期性疲软。</p>
<p>Meta 股票的前瞻市盈率（P/E）约为 23 倍，基于 2025 年的分析师预期。考虑到其强劲的收入增长，这一估值具有吸引力。</p>
<p>因此，我认为该股票在当前水平上看起来是一个有吸引力的长期买入机会。</p>

META

<p>Meta Platforms 报告了强劲的第一季度业绩，收入同比增长 16%，达到 423.1 亿美元，这得益于对人工智能的投资。尽管对中国电子商务出口商广告支出减少的担忧，公司的积极指引让投资者感到安心，并将广告支出重新导向其他市场。人工智能提升了用户参与度和广告定位，广告展示量增加了 5%，广告价格上涨了 10%。Meta 的用户基础持续增长，日活跃用户达到 34.3 亿。公司预测第二季度收入将在 425 亿美元到 455 亿美元之间，反映出持续的经济挑战</p>

<p>Going into its first-quarter results, there was a worry about how reduced spending from China-based e-commerce exporters, such as Temu and Shein, would impact <strong>Meta Platforms</strong>(META 4.30%). These worries appeared largely justified, as Chinese e-commerce companies accounted for about 11% of its revenue last year, and data from marketing intelligence company Pathmatics showed Temu's spending on Facebook at one point had suddenly dropped from over $1 million a day to nearly zero.</p>
<div class="lb-trans"><p>在发布第一季度财报之前，人们担心来自中国的电子商务出口商（如 Temu 和 Shein）减少支出将如何影响 <strong>Meta Platforms</strong>（META 4.30%）。这些担忧在很大程度上得到了证实，因为中国电子商务公司去年占其收入的约 11%，而市场情报公司 Pathmatics 的数据表明，Temu 在 Facebook 上的支出曾在某个时刻突然从每天超过 100 万美元降至几乎为零。</p>
</div><p>The reduction in ad spending from Chinese e-commerce exporters stems from both the current U.S.-China tariff war as well as the end to the de minimis exemption that allowed goods valued below $800 to enter the U.S. without being subject to tariffs. This de minimis exemption fueled growth for companies like Temu and Shein, which in turn spent heavily on digital advertising within the U.S.</p>
<div class="lb-trans"><p>来自中国电子商务出口商的广告支出减少，既源于当前的美中关税战争，也源于对价值低于 800 美元的商品免税进入美国的豁免政策的结束。这项免税政策促进了 Temu 和 Shein 等公司的增长，进而使它们在美国的数字广告支出大幅增加。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY4NjAvZ2V0dHlpbWFnZXMtNDgzNjYxMTg3LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816860%2Fgettyimages-483661187.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><p>However, when Meta released its latest results, it reassured investors by offering strong guidance for the year, while noting that a portion of the ad spending from China-based e-commerce exporters has been redirected to other markets.</p>
<div class="lb-trans"><p>然而，当 Meta 发布最新财报时，通过提供强劲的年度指导来安抚投资者，同时指出来自中国电子商务出口商的部分广告支出已转向其他市场。</p>
</div><p>Meanwhile, artificial intelligence (AI) is helping drive Meta's growth, and the company meaningfully upped its planned investment in data center infrastructure to support its AI ambition.</p>
<div class="lb-trans"><p>与此同时，人工智能（AI）正在推动 Meta 的增长，公司显著增加了对数据中心基础设施的投资，以支持其人工智能的雄心。</p>
</div><h2><strong>AI fuels strong results</strong></h2>
<div class="lb-trans"><h2><strong>人工智能推动强劲业绩</strong></h2>
</div><p>Meta once again turned in a great quarter that easily topped analyst expectations. Its Q1 revenue jumped 16% year over year, or 19% in constant currencies, to $42.31 billion, while earnings per share (EPS) surged 37% year over year to $6.43. The results blew past analyst expectations, as compiled by LSEG, for revenue of $41.4 billion and EPS of $5.28.</p>
<div class="lb-trans"><p>Meta 再次交出了一份出色的季度业绩，轻松超出分析师预期。其第一季度收入同比增长 16%，以固定汇率计算增长 19%，达到 423.1 亿美元，而每股收益（EPS）同比激增 37%，达到 6.43 美元。该业绩远超 LSEG 汇编的分析师对收入 414 亿美元和每股收益 5.28 美元的预期。</p>
</div><p>Advertising revenue was also up 16%, coming in at $41.4 billion. Revenue at Reality Labs, which is home to Meta's metaverse efforts and its augmented reality headsets and smart glasses, fell 6% to $412 million. Operating income from its social media apps climbed 23% to $21.8 billion, while Reality Labs recorded a loss of $4.2 billion.</p>
<div class="lb-trans"><p>广告收入也增长了 16%，达到 414 亿美元。Reality Labs 的收入（Meta 的元宇宙项目及其增强现实头戴设备和智能眼镜的所在地）下降了 6%，至 4.12 亿美元。社交媒体应用的营业收入增长了 23%，达到 218 亿美元，而 Reality Labs 则录得 42 亿美元的亏损。</p>
</div><p>Meta's advertising growth was led by a 5% increase in ad impressions and a 10% jump in average price per ad. This demonstrates that Meta has been able to show more ads to its user base while also being able to charge advertisers a higher price. That's a powerful combination that is largely being driven by its AI investments.</p>
<div class="lb-trans"><p>Meta 的广告增长主要得益于广告展示量增加 5% 和每个广告平均价格上涨 10%。这表明 Meta 能够向其用户群展示更多广告，同时也能够向广告主收取更高的价格。这是一个强大的组合，主要得益于其在人工智能方面的投资。</p>
</div><p>First, AI is helping increase user engagement on its platforms, which is giving it more opportunities to show ads to its users. It said that its AI-powered recommendations have led to people spending 7% more time on Facebook and 6% more time on Instagram.</p>
<div class="lb-trans"><p>首先，人工智能正在帮助提高用户在其平台上的参与度，从而为其提供更多机会向用户展示广告。它表示，基于人工智能的推荐使人们在 Facebook 上花费的时间增加了 7%，在 Instagram 上增加了 6%。</p>
</div><p>Second, AI is helping advertisers better find and target audiences that may be interested in their products. AI is also helping advertisers create better ad campaigns, which can lead to improved conversion. As a result, advertisers are more inclined to invest in ads on Meta's social media platforms, increasing ad prices.</p>
<div class="lb-trans"><p>其次，人工智能帮助广告主更好地找到和定位可能对其产品感兴趣的受众。人工智能还帮助广告主创建更好的广告活动，从而提高转化率。因此，广告主更倾向于在 Meta 的社交媒体平台上投资广告，推动广告价格上涨。</p>
</div><p>Meta also continues to grow its user base. Family daily active people (DAP), a measurement of registered users who log in to one of Meta's apps daily, climbed by 6% year over year to 3.43 billion in March. That was also above analyst expectations for DAP of 3.39 billion.</p>
<div class="lb-trans"><p>Meta 的用户基础也在持续增长。家庭每日活跃用户（DAP）——即每日登录 Meta 应用的注册用户——在 3 月份同比增长 6%，达到 34.3 亿。这一数字也高于分析师对 3.39 亿 DAP 的预期。</p>
</div><p>Meta's newest app, Threads, continues to nicely grow its user base, reaching more than 350 million monthly active users. That's up from 320 million at year-end. The company has just started opening up Threads to advertisers. It expects to introduce ads gradually to the platform and not have it be a meaningful contributor this year.</p>
<div class="lb-trans"><p>Meta 最新的应用程序 Threads 用户基础持续良好增长，月活跃用户超过 3.5 亿，较年末的 3.2 亿有所增加。公司刚刚开始向广告主开放 Threads，预计将逐步在该平台上引入广告，今年不会成为重要的收入来源。</p>
</div><p>Meta forecast second-quarter revenue to be between $42.5 billion and $45.5 billion, for growth of 9% to 16% year over year. That compares to the $44 billion Q2 analyst revenue consensus. The forecast reflects what the company has seen with China-based e-commerce advertisers in April. CEO Mark Zuckerberg added that the company is performing well and that it is well positioned to navigate the current economic uncertainty.</p>
<div class="lb-trans"><p>Meta 预测第二季度收入将在 425 亿美元至 455 亿美元之间，同比增长 9% 至 16%。这与分析师对第二季度收入 440 亿美元的共识相比有所不同。该预测反映了公司在 4 月份对中国电子商务广告主的观察。首席执行官马克·扎克伯格表示，公司表现良好，并且在应对当前经济不确定性方面处于良好位置。</p>
</div><p>The company also significantly increased its full-year capital expenditures to a range of $64 billion to $72 billion, up from a prior forecast of $60 billion to $65 billion. It said this reflects additional data center investments to support its AI efforts, as well as expected higher hardware costs.</p>
<div class="lb-trans"><p>公司还大幅提高了全年资本支出预期，范围为 640 亿美元至 720 亿美元，之前的预测为 600 亿美元至 650 亿美元。它表示，这反映了对数据中心投资的增加，以支持其人工智能工作，以及预计的更高硬件成本。</p>
</div><h2><strong>Is Meta stock a buy?</strong></h2>
<div class="lb-trans"><h2><strong>Meta 股票值得购买吗？</strong></h2>
</div><p>During the tech sell-off, Meta was hit hard, and the stock is still down more than 20% from its highs. However, the company has demonstrated this quarter that it is not reliant on advertising from China-based e-commerce exporters, and that artificial intelligence serves as the primary driver for its advertising revenue growth. While the company is not completely immune to a weak macro environment and the current U.S.-China trade war, it is showing that the secular growth stemming from its AI investments can overcome any cyclical weakness.</p>
<div class="lb-trans"><p>在科技股抛售期间，Meta 受到重创，股票仍比高点下跌超过 20%。然而，公司在本季度展示了其并不依赖于来自中国电子商务出口商的广告，并且人工智能是其广告收入增长的主要驱动力。尽管公司并非完全免疫于疲软的宏观环境和当前的美中贸易战，但它显示出源于人工智能投资的长期增长能够克服任何周期性疲软。</p>
</div><p>Meta stock trades at a forward price-to-earnings (P/E) ratio of around 23 times based on 2025 analyst estimates. Given its strong revenue growth, that's an attractive valuation.</p>
<div class="lb-trans"><p>Meta 股票的前瞻市盈率（P/E）约为 23 倍，基于 2025 年的分析师预期。考虑到其强劲的收入增长，这一估值具有吸引力。</p>
</div><p>As such, I think the stock looks like an attractive long-term buy at current levels.</p>
<div class="lb-trans"><p>因此，我认为该股票在当前水平上看起来是一个有吸引力的长期买入机会。</p>
</div>

Meta Platforms: AI Continues to Drive Revenue, but Is the Stock a Buy?

- Meta 第一季度营收同比增长 16%，达到 423.1 亿美元，超出预期。  
- 中国电商广告支出减少受贸易战和免税政策影响，但 Meta 仍实现强劲增长。  
- AI 投资推动用户参与度提升，广告收入增长，预计第二季度营收在 425 亿至 455 亿美元之间。

Meta Platforms：人工智能持续推动收入增长，但该股票是否值得购买？