<p><strong>Meta Platforms</strong>（META -2.99%）的股票在公司最近公布财报后大幅上涨。现在的交易价格达到了历史新高，因为这家社交媒体巨头在过去几年中不断给投资者留下深刻印象。它在多个方面展现出强劲的增长，似乎势不可挡。</p>
<p>但它是否能继续成为热门买入并不是一个确定的事情，因为围绕公司的许多问题仍然存在。以下是最近股票表现出色的原因，以及投资者在购买 Meta Platforms 股票之前应考虑的风险。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2Mzgvc29tZW9uZS1yZWNlaXZpbmctbGlrZXMtb24tZmFjZWJvb2suanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2Mzgvc29tZW9uZS1yZWNlaXZpbmctbGlrZXMtb24tZmFjZWJvb2suanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. 收入在北美以外快速增长</h2>
<p>Meta 第二季度财报的亮点是，公司超出了预期，销售额增长了 22%，总计为 475 亿美元，超出了 448 亿美元的预期。每股收益为 7.14 美元，远超分析师预期的 5.92 美元。</p>
<p>但特别令人惊讶和印象深刻的是公司增长的_来源_。在过去两年中，美国和加拿大的广告收入增长了不到 42%。在其他市场，增长率更高。在欧洲，收入在两年内增长了 56%，而在 Meta 的其他地区增长了 64%。亚太地区的增长略超过 42%，也高于 Meta 在美国和加拿大市场的增长。</p>
<p>总体来看，考虑到国际市场，Meta 仍然有相当大的增长潜力，这对增长型投资者来说是一个令人鼓舞的信号。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2MzgvYnJhdmVfcnJjZ2NoaWN2cC5wbmcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2MzgvYnJhdmVfcnJjZ2NoaWN2cC5wbmcmdz03MDA"/></p>
<p>图片来源：Meta Platforms 的第二季度投资者演示文稿。</p>
<h2>2. Meta 变得更加高效</h2>
<p>另一个对投资者来说的好消息是，Meta 的业务在用更少的资源做更多的事情。过去几年中，其费用占收入的比例大幅下降。上个季度的营业利润率为 43%，而去年同期为 38%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2MzgvYnJhdmVfc3R1Z3I0aXF0bS5wbmcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2MzgvYnJhdmVfc3R1Z3I0aXF0bS5wbmcmdz03MDA"/></p>
<p>图片来源：Meta Platforms 的第二季度投资者演示文稿。</p>
<p>Meta 一直在利用人工智能提高运营效率，随着其持续这样做，这一趋势可能会继续。此外，如果其利润率扩大，底线可能会显得更加出色，使这只社交媒体股票在未来看起来更便宜。</p>
<h2>3. 每日活跃用户数量持续上升</h2>
<p>在 2022 年，曾有人担心 Meta Platforms 的业务出现问题，因为 Facebook 首次出现每日用户数量下降。但这些担忧似乎已经消失，因为公司现在正在稳步增长用户数量。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2MzgvYnJhdmVfd3FsdTFteTdrYi5wbmcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2MzgvYnJhdmVfd3FsdTFteTdrYi5wbmcmdz03MDA"/></p>
<p>图片来源：Meta Platforms 的第二季度投资者演示文稿。</p>
<p>目前，近 35 亿每日活跃用户正在使用其应用程序（Facebook、Instagram、Messenger 或 WhatsApp），这也难怪公司成为营销人员和广告支出的首选。尽管在用户数量如此庞大的情况下，持续增加用户并不容易，但 Meta 却能够做到这一点，证明了其业务在近年来的确势不可挡，或者说似乎如此。</p>
<h2>投资者不能忽视的风险</h2>
<p>Meta 的业务看似势不可挡，但这并不意味着没有风险。仍然存在一场反垄断斗争，可能导致失去其最珍贵的两个资产：Instagram 和 WhatsApp。这两个平台在年轻受众中尤其受欢迎，如果发生分拆，这可能对 Meta 的业务造成重大损失。而目前，投资者似乎并没有将这一风险计入价格。</p>
<p>另一个问题是，尽管用户数量在上升，但《华尔街日报》今年早些时候的一份报告发现，公司在清除平台上的诈骗者方面采取了松懈的态度，实际上已成为诈骗者的中心。根据 2022 年的一项分析，最多有 70% 的新广告客户要么在推广诈骗，要么在销售非法或低质量商品。</p>
<p>这些都是投资者不应忽视的潜在严重问题。尽管业务表现非常出色，但如果其数字因平台上的不良行为者而被夸大，那么这可能会导致未来出现重大问题。</p>
<h2>你今天应该购买 Meta Platforms 的股票吗？</h2>
<p>截至周四收盘，Meta 的股票自年初以来上涨了 32%。根据分析师的估计，其前瞻市盈率为 28。其惊人的利润增长令人印象深刻，也是股票看起来持续便宜的一个重要原因。</p>
<p>但我不会急于购买这只股票，至少在关于 Instagram 和 WhatsApp 的未来情况更加明确之前不会。而且我也对其用户增长持谨慎态度，担心诈骗和虚假账户是否可能对其增长产生重大影响。尽管 Meta 最近几个季度的业绩看起来非常好，但我并不相信这项业务如表面上看起来那样势不可挡，因为未来可能会出现麻烦。</p>

META

<p>Meta Platforms 的股票在强劲的财报发布后大幅上涨，销售额增长了 22%，国际市场的增长也令人瞩目。该公司正在变得更加高效，运营利润率上升，日活跃用户数量达到 35 亿。然而，风险依然存在，包括潜在的反垄断问题和对其平台上诈骗行为的担忧。尽管今年股票上涨了 32%，投资者仍被建议在对这些风险有明确了解之前再考虑购买股票</p>

<p><strong>Meta Platforms</strong>(META -2.99%) stock has been jumping after the company reported earnings recently. It's now trading at all-time highs as the social media giant has continually impressed investors over the past couple of years. It has been showing strong growth on multiple fronts and has looked downright unstoppable.</p>
<div class="lb-trans"><p><strong>Meta Platforms</strong>（META -2.99%）的股票在公司最近公布财报后大幅上涨。现在的交易价格达到了历史新高，因为这家社交媒体巨头在过去几年中不断给投资者留下深刻印象。它在多个方面展现出强劲的增长，似乎势不可挡。</p>
</div><p>But whether it can continue to be a hot buy is by no means a sure thing, as there are many question marks around the company. Here's a look at what's been behind the stock's impressive performance of late, and also what risks investors should consider before buying shares of Meta Platforms.</p>
<div class="lb-trans"><p>但它是否能继续成为热门买入并不是一个确定的事情，因为围绕公司的许多问题仍然存在。以下是最近股票表现出色的原因，以及投资者在购买 Meta Platforms 股票之前应考虑的风险。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2Mzgvc29tZW9uZS1yZWNlaXZpbmctbGlrZXMtb24tZmFjZWJvb2suanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F827638%2Fsomeone-receiving-likes-on-facebook.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>1. Revenue has been rising fast outside of North America</h2>
<div class="lb-trans"><h2>1. 收入在北美以外快速增长</h2>
</div><p>The headline from Meta's second-quarter earnings performance was that the company beat expectations as sales rose by 22%, totaling $47.5 billion, and they beat expectations of $44.8 billion. Earnings per share of $7.14 also came in far better than the $5.92 analysts were expecting.</p>
<div class="lb-trans"><p>Meta 第二季度财报的亮点是，公司超出了预期，销售额增长了 22%，总计为 475 亿美元，超出了 448 亿美元的预期。每股收益为 7.14 美元，远超分析师预期的 5.92 美元。</p>
</div><p>But what was particularly surprising and impressive was <em>where</em> the company's growth has been coming from. Over the past two years, advertising revenue from the U.S. and Canada has grown by a little under 42%. In other markets, the growth rate has been much higher. In Europe, revenue has risen by 56% over a two-year period and it's up 64% in Meta's rest of the world segment. Asia-Pacific growth of just over 42% was also slightly higher than the growth Meta experienced in the U.S. and Canada market.</p>
<div class="lb-trans"><p>但特别令人惊讶和印象深刻的是公司增长的_来源_。在过去两年中，美国和加拿大的广告收入增长了不到 42%。在其他市场，增长率更高。在欧洲，收入在两年内增长了 56%，而在 Meta 的其他地区增长了 64%。亚太地区的增长略超过 42%，也高于 Meta 在美国和加拿大市场的增长。</p>
</div><p>Overall, there looks to still be considerable growth potential for Meta when looking at international markets, which is an encouraging sign for growth investors.</p>
<div class="lb-trans"><p>总体来看，考虑到国际市场，Meta 仍然有相当大的增长潜力，这对增长型投资者来说是一个令人鼓舞的信号。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2MzgvYnJhdmVfcnJjZ2NoaWN2cC5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F827638%2Fbrave_rrcgchicvp.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Meta Platforms' Q2 Investor Presentation.</p>
<div class="lb-trans"><p>图片来源：Meta Platforms 的第二季度投资者演示文稿。</p>
</div><h2>2. Meta is becoming much more efficient</h2>
<div class="lb-trans"><h2>2. Meta 变得更加高效</h2>
</div><p>Another great sign for investors is that Meta's business is doing more with less. Its expenses as a percentage of revenue have been coming down sharply in the past couple of years. Its operating margin this past quarter was 43%, versus 38% in the prior-year period.</p>
<div class="lb-trans"><p>另一个对投资者来说的好消息是，Meta 的业务在用更少的资源做更多的事情。过去几年中，其费用占收入的比例大幅下降。上个季度的营业利润率为 43%，而去年同期为 38%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2MzgvYnJhdmVfc3R1Z3I0aXF0bS5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F827638%2Fbrave_stugr4iqtm.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Meta Platforms' Q2 Investor Presentation.</p>
<div class="lb-trans"><p>图片来源：Meta Platforms 的第二季度投资者演示文稿。</p>
</div><p>Meta has been utilizing artificial intelligence to make its operations more efficient and as it continues to do that, this trend may continue. Furthermore, if its margins expand, its bottom line can look even more impressive, making the social media stock appear cheaper in the future.</p>
<div class="lb-trans"><p>Meta 一直在利用人工智能提高运营效率，随着其持续这样做，这一趋势可能会继续。此外，如果其利润率扩大，底线可能会显得更加出色，使这只社交媒体股票在未来看起来更便宜。</p>
</div><h2>3. Number of daily active people continues to rise</h2>
<div class="lb-trans"><h2>3. 每日活跃用户数量持续上升</h2>
</div><p>Back in 2022, there were concerns that Meta Platforms' business was in trouble as Facebook experienced its first-ever decline in daily users. But those fears look to be long gone as the company has now been steadily growing its user count.</p>
<div class="lb-trans"><p>在 2022 年，曾有人担心 Meta Platforms 的业务出现问题，因为 Facebook 首次出现每日用户数量下降。但这些担忧似乎已经消失，因为公司现在正在稳步增长用户数量。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2MzgvYnJhdmVfd3FsdTFteTdrYi5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F827638%2Fbrave_wqlu1my7kb.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Meta Platforms' Q2 Investor Presentation.</p>
<div class="lb-trans"><p>图片来源：Meta Platforms 的第二季度投资者演示文稿。</p>
</div><p>With close to 3.5 billion daily active people who are using one of its apps (Facebook, Instagram, Messenger, or WhatsApp), it's little wonder why the company is a top choice for marketers and ad spend. While it's not easy to continually add users when the numbers get this high, Meta has been able to do just that, demonstrating how truly unstoppable its business has been in recent years, or so it may seem.</p>
<div class="lb-trans"><p>目前，近 35 亿每日活跃用户正在使用其应用程序（Facebook、Instagram、Messenger 或 WhatsApp），这也难怪公司成为营销人员和广告支出的首选。尽管在用户数量如此庞大的情况下，持续增加用户并不容易，但 Meta 却能够做到这一点，证明了其业务在近年来的确势不可挡，或者说似乎如此。</p>
</div><h2>Risks investors can't afford to ignore</h2>
<div class="lb-trans"><h2>投资者不能忽视的风险</h2>
</div><p>Meta's business has looked unstoppable but that doesn't mean it doesn't come with risks. There is still an antitrust battle looming over the business that could result in the loss of two of its most highly prized assets: Instagram and WhatsApp. They are particularly popular among younger audiences and if a breakup occurs, that could be a big loss for Meta's business. And right now, investors don't appear to be pricing in that risk.</p>
<div class="lb-trans"><p>Meta 的业务看似势不可挡，但这并不意味着没有风险。仍然存在一场反垄断斗争，可能导致失去其最珍贵的两个资产：Instagram 和 WhatsApp。这两个平台在年轻受众中尤其受欢迎，如果发生分拆，这可能对 Meta 的业务造成重大损失。而目前，投资者似乎并没有将这一风险计入价格。</p>
</div><p>Another issue is that while user count has been rising, a report from <em>The Wall Street Journal</em> earlier this year found the company took a lax approach to getting scammers off its platforms, and that it has effectively become a hub for fraudsters. According to an analysis from 2022, as much as 70% of new advertisers were either promoting scams or selling illegal or low-quality goods.</p>
<div class="lb-trans"><p>另一个问题是，尽管用户数量在上升，但《华尔街日报》今年早些时候的一份报告发现，公司在清除平台上的诈骗者方面采取了松懈的态度，实际上已成为诈骗者的中心。根据 2022 年的一项分析，最多有 70% 的新广告客户要么在推广诈骗，要么在销售非法或低质量商品。</p>
</div><p>These are potentially serious concerns that investors shouldn't overlook. While the business is doing incredibly well, if its numbers are being inflated due to bad actors on its platforms, then that could lead to significant issues down the road.</p>
<div class="lb-trans"><p>这些都是投资者不应忽视的潜在严重问题。尽管业务表现非常出色，但如果其数字因平台上的不良行为者而被夸大，那么这可能会导致未来出现重大问题。</p>
</div><h2>Should you buy Meta Platforms' stock today?</h2>
<div class="lb-trans"><h2>你今天应该购买 Meta Platforms 的股票吗？</h2>
</div><p>As of Thursday's close, Meta's stock has risen by 32% since the start of the year. It's trading at a forward price-to-earnings multiple of 28, based on analyst estimates. Its incredible profit growth is impressive and is a big reason why the stock continually looks cheap.</p>
<div class="lb-trans"><p>截至周四收盘，Meta 的股票自年初以来上涨了 32%。根据分析师的估计，其前瞻市盈率为 28。其惊人的利润增长令人印象深刻，也是股票看起来持续便宜的一个重要原因。</p>
</div><p>But I wouldn't rush to buy the stock, at least not until there's more clarity about what happens with Instagram and WhatsApp, and if a breakup ends up taking place. And I'm also wary about its user growth, and whether scams and fake accounts could be contributing significantly to its growth. As good as Meta's results have looked in recent quarters, I'm not convinced the business is as unstoppable as it appears to be, as there could be trouble ahead.</p>
<div class="lb-trans"><p>但我不会急于购买这只股票，至少在关于 Instagram 和 WhatsApp 的未来情况更加明确之前不会。而且我也对其用户增长持谨慎态度，担心诈骗和虚假账户是否可能对其增长产生重大影响。尽管 Meta 最近几个季度的业绩看起来非常好，但我并不相信这项业务如表面上看起来那样势不可挡，因为未来可能会出现麻烦。</p>
</div>

3 Reasons Meta Platforms Stock Has Looked Unstoppable, but Can It Stay That Way?

- Meta Platforms 股票因业绩超预期而上涨，销售额增长 22% 达到 475 亿美元。  
- 用户日活跃人数接近 35 亿，但面临反垄断和诈骗问题的风险。  
- 投资者需谨慎，关注 Instagram 和 WhatsApp 的未来发展。  

Meta Platforms 股票看似势不可挡的三个原因，但能否继续保持这种势头？