<p><strong>Meta Platforms</strong>（META 2.32%），这家拥有 Facebook、Instagram 和 WhatsApp 的社交媒体巨头，近年来一直是增长的猛兽。其收入以快速的速度增长，股价也在飙升。自 2023 年初以来，股价上涨了 431%。</p>
<p>但正如他们所说，过去的表现并不能保证未来的表现。公司未来可能会面临麻烦吗？《华尔街日报》最近的一份报告讨论了 Meta 业务中的一些重大缺陷，称这些缺陷可能使 Meta 在未来面临监管压力。</p>
<p>如果你考虑今天购买 Meta Platforms 的股票，这里是你需要知道的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkzOTIvY29uY2VybmVkLXBlcnNvbi1sb29raW5nLWF0LWEtdGFibGV0LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkzOTIvY29uY2VybmVkLXBlcnNvbi1sb29raW5nLWF0LWEtdGFibGV0LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>网络欺诈的中心？</h2>
<p>根据《华尔街日报》5 月 15 日的报告，文件显示，Meta Platforms &#34;在 2023 年和 2024 年夏季之间，几乎占据了所有报告的 Zelle 欺诈案件的近一半，针对的是 <strong>JPMorgan Chase</strong> [账户持有者]。&#34; 英国和澳大利亚的监管机构也发现了类似的模式。</p>
<p>然而，这些仍然不是报告中最令人震惊的数字。报告称，令人难以置信的是，估计有 70% 的新广告主在该平台上被发现推广欺诈或销售非法或低质量产品。在某些情况下，可能需要 32 次违规才能使一个账户被禁止使用该平台。</p>
<p>多年来，Meta 在其平台上与虚假信息相关的问题已经声名在外，但这些新报告无疑将问题提升到了一个新的层面。我担心公司的许多收入增长可能是由于政策宽松，这使得其平台成为骗子的温床。</p>
<p>根据《华尔街日报》，Meta 的一位发言人表示，公司正在努力解决所提出的问题，并已向用户发出警告，提醒他们保持警惕，但它在法庭案件中也辩称，自己没有法律责任进行修复。尽管公司谈论改善其做法，但报告的发现并未表明其做得足够。</p>
<h2>如果没有强劲的增长率，股票可能会面临风险</h2>
<p>在 2023 年，当 Meta 的股票开始回暖时，其增长率加速，且比 2022 年要积极得多，当时公司在广告支出上缩减开支。但如果这种强劲增长是由于广告规则宽松，那么在采取更严格立场的情况下，其增长率究竟会如何，便成了一个大问号。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/42af54d72de3f642b44ba4d33f28e7a6.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/42af54d72de3f642b44ba4d33f28e7a6.png"/></p>
<p>数据来源：YCharts。</p>
<p>Meta 的增长率在最近几个季度已经开始放缓，风险在于更多的放缓可能是不可避免的。无论其是否收紧政策，不利的宏观经济条件都可能对其运营造成压力。根据 MoffettNathanson 的估计，中国零售商今年已经在考虑削减广告支出，这可能会对 Meta 的广告业务造成约 70 亿美元的影响。</p>
<p>如果公司确实实施更严格的政策，或者被迫通过更大的政府监管来这样做，这可能会使 Meta 的糟糕局面更加恶化。</p>
<h2>是否应该避免 Meta Platforms 的股票？</h2>
<p>根据当前的估计，Meta Platforms 的股票看起来相对便宜，交易价格为其过去收益的 24 倍，但如果公司必须在监管广告方面采取更严格的立场，这一倍数可能会大相径庭。它还面临由于反垄断问题可能导致的拆分风险，可能需要出售 Instagram 和/或 WhatsApp，这两个在年轻受众中更受欢迎的社交媒体应用。</p>
<p>截至目前，股票上涨约 9.3%，但较其 52 周高点下跌约 13%。在增长率放缓、业务可能拆分以及商业模式存疑的情况下，有很多理由现在避免这只科技股。尽管 Meta 近年来表现良好，但这是我会避开的股票，因为我对其长期增长潜力有严重的怀疑。</p>

META

<p>Meta Platforms 在 2023 年经历了显著的收入增长和 431% 的股价上涨。然而，《华尔街日报》的报道指出了一些严重问题，包括该平台成为诈骗的温床，70% 的新广告客户推广虚假产品。这引发了人们对其增长可持续性的担忧，尤其是在宏观经济因素可能影响广告收入的情况下。尽管市盈率相对较低，但潜在的监管压力和增长速度放缓表明，投资者应对 Meta 的长期前景保持谨慎</p>

<p><strong>Meta Platforms</strong>(META 2.32%), the social media giant that owns Facebook, Instagram, and WhatsApp, has been a growth beast in recent years. Its revenue is growing at a fast pace, and the stock is soaring. Since the start of 2023, the stock price is up 431%.</p>
<div class="lb-trans"><p><strong>Meta Platforms</strong>（META 2.32%），这家拥有 Facebook、Instagram 和 WhatsApp 的社交媒体巨头，近年来一直是增长的猛兽。其收入以快速的速度增长，股价也在飙升。自 2023 年初以来，股价上涨了 431%。</p>
</div><p>But past performance, as they say, is no guarantee of future performance. Could there be trouble ahead for the company? A recent report from <em>The</em> <em>Wall Street Journal</em> discussed some significant shortcomings in Meta's business, which it says could make Meta vulnerable to regulatory pressures in the future.</p>
<div class="lb-trans"><p>但正如他们所说，过去的表现并不能保证未来的表现。公司未来可能会面临麻烦吗？《华尔街日报》最近的一份报告讨论了 Meta 业务中的一些重大缺陷，称这些缺陷可能使 Meta 在未来面临监管压力。</p>
</div><p>Here's what you need to know if you're thinking about buying Meta Platforms' stock today.</p>
<div class="lb-trans"><p>如果你考虑今天购买 Meta Platforms 的股票，这里是你需要知道的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkzOTIvY29uY2VybmVkLXBlcnNvbi1sb29raW5nLWF0LWEtdGFibGV0LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819392%2Fconcerned-person-looking-at-a-tablet.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>A hub for internet fraud?</h2>
<div class="lb-trans"><h2>网络欺诈的中心？</h2>
</div><p>According to the <em>Journal's</em> May 15 report, documents revealed that Meta Platforms &#34;accounted for nearly half of all reported scams on Zelle for <strong>JPMorgan Chase</strong> [account holders] between the summers of 2023 and 2024.&#34; And regulators in Britain and Australia were also seeing similar patterns.</p>
<div class="lb-trans"><p>根据《华尔街日报》5 月 15 日的报告，文件显示，Meta Platforms &#34;在 2023 年和 2024 年夏季之间，几乎占据了所有报告的 Zelle 欺诈案件的近一半，针对的是 <strong>JPMorgan Chase</strong> [账户持有者]。&#34; 英国和澳大利亚的监管机构也发现了类似的模式。</p>
</div><p>However, those still weren't the most mind-boggling numbers from the reporting. Incredibly, an estimated 70% of new advertisers on the platform, the report said, were found to be promoting scams or selling illegal or low-quality products. And in some cases, it could take 32 strikes before an account might get banned from the platform.</p>
<div class="lb-trans"><p>然而，这些仍然不是报告中最令人震惊的数字。报告称，令人难以置信的是，估计有 70% 的新广告主在该平台上被发现推广欺诈或销售非法或低质量产品。在某些情况下，可能需要 32 次违规才能使一个账户被禁止使用该平台。</p>
</div><p>Meta has developed a reputation for having problems related to misinformation circulating on its platforms for years, but these new reports arguably take things to a new level. My concern is that a lot of the company's revenue growth may be due to having lax policies, and that makes its platforms hubs for scammers.</p>
<div class="lb-trans"><p>多年来，Meta 在其平台上与虚假信息相关的问题已经声名在外，但这些新报告无疑将问题提升到了一个新的层面。我担心公司的许多收入增长可能是由于政策宽松，这使得其平台成为骗子的温床。</p>
</div><p>According to <em>The Wall Street Journal</em>, a spokesperson from Meta said the company is working the fix the issues being raised and has issued warnings to users to be wary, but it has also argued in court cases about whether it should be held liable that it has no legal responsibility to make fixes. While the company talks about improving its practices, the report's findings don't suggest it's doing nearly enough.</p>
<div class="lb-trans"><p>根据《华尔街日报》，Meta 的一位发言人表示，公司正在努力解决所提出的问题，并已向用户发出警告，提醒他们保持警惕，但它在法庭案件中也辩称，自己没有法律责任进行修复。尽管公司谈论改善其做法，但报告的发现并未表明其做得足够。</p>
</div><h2>Without a strong growth rate, the stock could be vulnerable</h2>
<div class="lb-trans"><h2>如果没有强劲的增长率，股票可能会面临风险</h2>
</div><p>In 2023, when shares of Meta were picking up steam, its growth rate was accelerating and was on a much more positive trajectory than in 2022, when companies were scaling back on ad spend. But if that strong growth was due to having loose rules around ads, that poses big question marks about what its growth rate might really be if it were to take a much tougher stance.</p>
<div class="lb-trans"><p>在 2023 年，当 Meta 的股票开始回暖时，其增长率加速，且比 2022 年要积极得多，当时公司在广告支出上缩减开支。但如果这种强劲增长是由于广告规则宽松，那么在采取更严格立场的情况下，其增长率究竟会如何，便成了一个大问号。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/42af54d72de3f642b44ba4d33f28e7a6.png" alt="" original-src="https://media.ycharts.com/charts/42af54d72de3f642b44ba4d33f28e7a6.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Meta's growth rate has already begun to slow down in recent quarters, and the risk is that more of a slowdown may be inevitable. Regardless of whether it tightens up its policies or not, adverse macroeconomic conditions could weigh on its operations. Chinese retailers are already looking to cut back on ad spending this year due to tariffs, and that could impact Meta's advertising business to the tune of $7 billion, according to an estimate from MoffettNathanson.</p>
<div class="lb-trans"><p>Meta 的增长率在最近几个季度已经开始放缓，风险在于更多的放缓可能是不可避免的。无论其是否收紧政策，不利的宏观经济条件都可能对其运营造成压力。根据 MoffettNathanson 的估计，中国零售商今年已经在考虑削减广告支出，这可能会对 Meta 的广告业务造成约 70 亿美元的影响。</p>
</div><p>If the company does put tougher policies in place, or is forced to do so through greater government oversight, that could make a bad situation even worse for Meta.</p>
<div class="lb-trans"><p>如果公司确实实施更严格的政策，或者被迫通过更大的政府监管来这样做，这可能会使 Meta 的糟糕局面更加恶化。</p>
</div><h2>Should you avoid Meta Platforms stock?</h2>
<div class="lb-trans"><h2>是否应该避免 Meta Platforms 的股票？</h2>
</div><p>Meta Platforms' stock looks relatively cheap based on current estimates, trading at 24 times its trailing earnings, but that multiple could look far different if the company has to take a tougher stance on policing its ads. It also faces the risk of a possible breakup due to antitrust issues, where it may need to sell off Instagram and/or WhatsApp, two of its more popular social media applications, especially when it comes to younger audiences.</p>
<div class="lb-trans"><p>根据当前的估计，Meta Platforms 的股票看起来相对便宜，交易价格为其过去收益的 24 倍，但如果公司必须在监管广告方面采取更严格的立场，这一倍数可能会大相径庭。它还面临由于反垄断问题可能导致的拆分风险，可能需要出售 Instagram 和/或 WhatsApp，这两个在年轻受众中更受欢迎的社交媒体应用。</p>
</div><p>Year to date, the stock is up around 9.3%, but it is down about 13% from its 52-week high. Between a slowing growth rate, a possible breakup of its business, and a questionable business model, there are a flurry of reasons to avoid the tech stock right now. While Meta has been doing well in recent years, this is a stock I'd stay away from as I have serious doubts about its long-term growth potential.</p>
<div class="lb-trans"><p>截至目前，股票上涨约 9.3%，但较其 52 周高点下跌约 13%。在增长率放缓、业务可能拆分以及商业模式存疑的情况下，有很多理由现在避免这只科技股。尽管 Meta 近年来表现良好，但这是我会避开的股票，因为我对其长期增长潜力有严重的怀疑。</p>
</div>

Is Meta Platforms' Business in Trouble?

- Meta Platforms 的股价自 2023 年以来上涨 431%，但面临监管压力风险。  
- 报告称，Meta 账户几乎占 Zelle 报告诈骗的近一半，70% 新广告主涉及诈骗。  
- 随着增长放缓和潜在的反垄断问题，投资者应谨慎对待该股票。  

Meta Platforms 的业务是否陷入困境？