<p><strong>Meta</strong> <strong>Platforms</strong>（META -4.22%）的股票在過去兩年經歷了顯著的波動，自 2022 年觸底以來表現出色。</p>
<p>得益於其成功的轉型努力，這家社交媒體巨頭在 2023 年實現了又一個穩健的業績，保持了良好的勢頭。不出所料，其穩健的表現推動股價在 2024 年創下新高。</p>
<p>但投資者現在可能面臨其他困境。現在是買入股票的時機嗎？或者，對於那些已經持有股票的人來説，現在是賣出的好時機嗎？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTI1NzMvZ2FtaW5nLTQuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTI1NzMvZ2FtaW5nLTQuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>應用家族繼續兑現承諾</h2>
<p>去年，Meta 的核心廣告業務再次表現出色。收入增長了 22%，運營收入躍升 39%。</p>
<p>這樣的表現令人矚目，考慮到 Meta 在 2023 年已經創造了 1330 億美元的收入和 630 億美元的運營利潤。如果考慮到這家科技巨頭在 2022 年面臨的巨大挑戰，包括收入停滯和利潤下降，這一表現更顯得令人印象深刻。換句話説，它從一個問題兒童變成了在收入和利潤上都達到新高的公司。</p>
<p>Meta 的強勁復甦反映了其商業模式的優勢。Meta 擁有 33.5 億日活躍用户（DAU），是最大的社交媒體網絡公司——它擁有 Facebook、Messenger、Instagram 和 WhatsApp。更好的是，這一數字持續增長——在最新的季度中同比增長了 5%。</p>
<p>作為最大的社交網絡的擁有者，Meta 為用户提供了一個令人信服的服務，使他們能夠與朋友和家人保持聯繫。作為回報，用户與其服務保持高度互動，使這家科技巨頭能夠隨着時間的推移不斷擴大其廣告業務。在 2024 年，廣告展示量和廣告價格分別上漲了 11% 和 10%，進一步凸顯了這一業務的吸引力。</p>
<p>Meta 不斷致力於提升其產品，以取悦用户，最新的舉措是將人工智能（AI）融入其應用程序。例如，公司通過採用最新的 AI 技術來改善用户的內容推送，確保用户獲得合適的內容以保持他們的參與度。它還預計，Meta AI 這一高度智能化和個性化的助手將在不久的將來到達用户。</p>
<p>假設它兑現了 AI 的承諾，Meta 在未來將更有可能保持其用户基礎的高度參與。這反過來應該會使其廣告業務在一段時間內保持強勁（並持續增長）。</p>
<h2>Reality Labs 仍然深陷虧損</h2>
<p>儘管 Meta 的核心業務持續強勁，但其對元宇宙業務的投資仍然是一個問號。</p>
<p>在 2024 年，該業務繼續虧損，運營虧損從 160 億美元增加到 180 億美元。儘管虧損在增加，收入幾乎保持不變，仍為 20 億美元。這一糟糕的表現表明，這家科技公司在實現該業務的盈利方面面臨挑戰。</p>
<p>一方面，公司對這一行業的未來持樂觀態度，理由充分。根據 Statista 的數據，元宇宙市場規模到 2030 年可能達到 5080 億美元。Meta 提前投資以將自己定位為潛在贏家是有道理的。此外，元宇宙與公司的現有社交網絡業務相輔相成，特別是如果用户選擇在未來的元宇宙環境中與朋友互動。</p>
<p>缺點是，元宇宙何時會達到主流市場，以及可尋址市場規模最終會有多大，仍然沒有確定性。畢竟，半萬億美元的市場規模只是一個預測。如果市場機會未能實現，每年投入的數百億美元將會造成價值損失。</p>
<h2>Meta 股票估值概述</h2>
<p>投資者在對 Meta 股票做出任何決策之前，還應考慮其估值。截至目前，該股票的市盈率（P/E）為 28，處於過去五年範圍的高端。</p>
<p>雖然考慮到廣告業務的質量，股票以高倍數交易並不不合理，但投資者在當前估值下購買股票並沒有獲得任何便宜。</p>
<h2>這對投資者意味着什麼</h2>
<p>Meta 在 2024 年以輝煌的表現結束，因為其廣告業務回到了歷史增長軌跡。隨着公司對其應用家族進行貨幣化，未來幾個季度可能會持續增長。</p>
<p>缺點是其對 Reality Labs 的投資仍然深陷虧損，消耗了廣告業務的巨大利潤。此外，Meta 的股票並未以便宜的價格交易，因此投資者沒有獲得太多的安全邊際。</p>
<p>雖然 Meta 的股票並不是賣出，但現在很難主張買入。對於已經持有股票的人來説，最好是繼續持有，而潛在投資者則應等待更好的入場時機。</p>

META

<p>Meta Platforms 表現強勁，2023 年收入增長 22%，營業收入增長 39%，導致 2024 年股價創下歷史新高。然而，其在元宇宙的投資仍然造成重大虧損，引發了對未來盈利能力的擔憂。該股票當前的市盈率為 28，表明其並不便宜，因此在此時很難推薦購買。雖然並不是賣出，但現有投資者可能希望在更清晰的價值出現之前暫緩新購</p>

<p><strong>Meta</strong> <strong>Platforms</strong>' (META -4.22%) shares have been through a remarkable ride over the last two years after hitting a low in 2022.</p>
<div class="lb-trans"><p><strong>Meta</strong> <strong>Platforms</strong>（META -4.22%）的股票在過去兩年經歷了顯著的波動，自 2022 年觸底以來表現出色。</p>
</div><p>Thanks to its successful turnaround efforts, the social media giant has delivered another year of solid performance, sustaining the momentum achieved in 2023. Unsurprisingly, its solid performance drove the stock price to a new all-time high in 2024.</p>
<div class="lb-trans"><p>得益於其成功的轉型努力，這家社交媒體巨頭在 2023 年實現了又一個穩健的業績，保持了良好的勢頭。不出所料，其穩健的表現推動股價在 2024 年創下新高。</p>
</div><p>But investors might now be facing other dilemmas. Is now the time to buy the stock? Or, for those who already own the stock, is now a good time to sell?</p>
<div class="lb-trans"><p>但投資者現在可能面臨其他困境。現在是買入股票的時機嗎？或者，對於那些已經持有股票的人來説，現在是賣出的好時機嗎？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTI1NzMvZ2FtaW5nLTQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F812573%2Fgaming-4.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Family of Apps continues to deliver on its promises</h2>
<div class="lb-trans"><h2>應用家族繼續兑現承諾</h2>
</div><p>Last year marked another period of solid performance by Meta's core advertising business. Revenue grew by 22%, while income from operations jumped 39%.</p>
<div class="lb-trans"><p>去年，Meta 的核心廣告業務再次表現出色。收入增長了 22%，運營收入躍升 39%。</p>
</div><p>Such a performance was remarkable, considering that Meta was already generating $133 billion in revenue and $63 billion in operating profit in 2023. It's even more impressive if we consider that the tech giant faced huge challenges with stagnant revenue and falling profits in 2022. In other words, it went from being a problem child to reaching new heights in both revenue and profits.</p>
<div class="lb-trans"><p>這樣的表現令人矚目，考慮到 Meta 在 2023 年已經創造了 1330 億美元的收入和 630 億美元的運營利潤。如果考慮到這家科技巨頭在 2022 年面臨的巨大挑戰，包括收入停滯和利潤下降，這一表現更顯得令人印象深刻。換句話説，它從一個問題兒童變成了在收入和利潤上都達到新高的公司。</p>
</div><p>Meta's solid comeback reflects the strength of its business model. With 3.35 billion daily active users (DAU), Meta is the biggest social media networking company -- it owns Facebook, Messenger, Instagram, and WhatsApp. Better still, this number continues to grow -- it expanded by 5% year over year in the latest quarter.</p>
<div class="lb-trans"><p>Meta 的強勁復甦反映了其商業模式的優勢。Meta 擁有 33.5 億日活躍用户（DAU），是最大的社交媒體網絡公司——它擁有 Facebook、Messenger、Instagram 和 WhatsApp。更好的是，這一數字持續增長——在最新的季度中同比增長了 5%。</p>
</div><p>As owner of the largest social network, Meta offers a compelling service for users to stay connected with friends and family. In return, users remain highly engaged with its services, enabling the tech giant to grow its advertising business over time. In 2024, ad impressions and ad pricing rose by 11% and 10%, respectively, underscoring the attractiveness of this business.</p>
<div class="lb-trans"><p>作為最大的社交網絡的擁有者，Meta 為用户提供了一個令人信服的服務，使他們能夠與朋友和家人保持聯繫。作為回報，用户與其服務保持高度互動，使這家科技巨頭能夠隨着時間的推移不斷擴大其廣告業務。在 2024 年，廣告展示量和廣告價格分別上漲了 11% 和 10%，進一步凸顯了這一業務的吸引力。</p>
</div><p>Meta has continuously worked on its product offerings to delight its users, the latest being incorporating artificial intelligence (AI) into its apps. For instance, the company improves its content feed to users by employing the latest AI technology, making sure users get the right content to keep them engaged. It also expects that Meta AI, a highly intelligent and personalized assistant, will reach its users in the near future.</p>
<div class="lb-trans"><p>Meta 不斷致力於提升其產品，以取悦用户，最新的舉措是將人工智能（AI）融入其應用程序。例如，公司通過採用最新的 AI 技術來改善用户的內容推送，確保用户獲得合適的內容以保持他們的參與度。它還預計，Meta AI 這一高度智能化和個性化的助手將在不久的將來到達用户。</p>
</div><p>Assuming that it delivers on its AI promises, Meta is well-positioned to keep its user base even more engaged in the near future. That, in turn, should keep its advertising business robust (and growing) for a while.</p>
<div class="lb-trans"><p>假設它兑現了 AI 的承諾，Meta 在未來將更有可能保持其用户基礎的高度參與。這反過來應該會使其廣告業務在一段時間內保持強勁（並持續增長）。</p>
</div><h2>Reality Labs remains deeply in the red</h2>
<div class="lb-trans"><h2>Reality Labs 仍然深陷虧損</h2>
</div><p>While Meta's core business continues to fire on all cylinders, its investment in the metaverse business remains a question mark.</p>
<div class="lb-trans"><p>儘管 Meta 的核心業務持續強勁，但其對元宇宙業務的投資仍然是一個問號。</p>
</div><p>In 2024, this business continued to bleed cash as its operating losses grew from $16 billion to $18 billion. Despite its growing losses, revenue remained almost unchanged at $2 billion. This poor performance suggests that the tech company faces challenges in monetizing this business.</p>
<div class="lb-trans"><p>在 2024 年，該業務繼續虧損，運營虧損從 160 億美元增加到 180 億美元。儘管虧損在增加，收入幾乎保持不變，仍為 20 億美元。這一糟糕的表現表明，這家科技公司在實現該業務的盈利方面面臨挑戰。</p>
</div><p>On one hand, the company remains optimistic about the future of this industry, and for good reason. According to Statista, the metaverse market size could reach $508 billion by 2030. It makes sense for Meta to invest early on to position itself as a potential winner. Besides, the metaverse complements the company's existing social networking business, especially if users choose to engage with their friends in the metaverse environment in the future.</p>
<div class="lb-trans"><p>一方面，公司對這一行業的未來持樂觀態度，理由充分。根據 Statista 的數據，元宇宙市場規模到 2030 年可能達到 5080 億美元。Meta 提前投資以將自己定位為潛在贏家是有道理的。此外，元宇宙與公司的現有社交網絡業務相輔相成，特別是如果用户選擇在未來的元宇宙環境中與朋友互動。</p>
</div><p>The downside is that there is no certainty as to when the metaverse will reach mainstream or how big the addressable market size will eventually be. After all, the half-trillion-dollar market size is just a prediction. If the market opportunity fails to materialize, the tens of billions of dollars invested (yearly) would be value-destroying.</p>
<div class="lb-trans"><p>缺點是，元宇宙何時會達到主流市場，以及可尋址市場規模最終會有多大，仍然沒有確定性。畢竟，半萬億美元的市場規模只是一個預測。如果市場機會未能實現，每年投入的數百億美元將會造成價值損失。</p>
</div><h2>An overview of Meta's stock valuation</h2>
<div class="lb-trans"><h2>Meta 股票估值概述</h2>
</div><p>Another aspect that investors should consider before making any move on Meta's stock is its valuation. As of this writing, the stock has a price-to-earnings (P/E) ratio of 28, which is on the higher end of its range in the last five years.</p>
<div class="lb-trans"><p>投資者在對 Meta 股票做出任何決策之前，還應考慮其估值。截至目前，該股票的市盈率（P/E）為 28，處於過去五年範圍的高端。</p>
</div><p>While it's not unreasonable for the stock to trade at a rich multiple, considering the quality of the advertising business, investors are not getting any bargains in buying the stock at its current valuation.</p>
<div class="lb-trans"><p>雖然考慮到廣告業務的質量，股票以高倍數交易並不不合理，但投資者在當前估值下購買股票並沒有獲得任何便宜。</p>
</div><h2>What it all means for investors</h2>
<div class="lb-trans"><h2>這對投資者意味着什麼</h2>
</div><p>Meta ended 2024 with a bang as its advertising business returned to its historical growth trajectory. As the company monetizes its app family, it could sustain growth in the coming quarters.</p>
<div class="lb-trans"><p>Meta 在 2024 年以輝煌的表現結束，因為其廣告業務回到了歷史增長軌跡。隨着公司對其應用家族進行貨幣化，未來幾個季度可能會持續增長。</p>
</div><p>The downside is that its investment in Reality Labs remains deeply in the red, consuming enormous profits from its advertising business. Besides, Meta's stock doesn't trade at a bargain price, so investors don't get much of a margin of safety.</p>
<div class="lb-trans"><p>缺點是其對 Reality Labs 的投資仍然深陷虧損，消耗了廣告業務的巨大利潤。此外，Meta 的股票並未以便宜的價格交易，因此投資者沒有獲得太多的安全邊際。</p>
</div><p>While Meta stock is not a sell, it's hard to advocate buying it right now. It's best for those who already own the stock to hold on to it, while potential investors should wait for a better entry point.</p>
<div class="lb-trans"><p>雖然 Meta 的股票並不是賣出，但現在很難主張買入。對於已經持有股票的人來説，最好是繼續持有，而潛在投資者則應等待更好的入場時機。</p>
</div>

Meta Platforms Stock: Buy, Hold, or Sell?

- Meta Platforms 在 2024 年實現廣告業務強勁增長，收入增長 22%。  
- 然而，Reality Labs 業務持續虧損，2024 年運營損失達 180 億美元。  
- 當前股票估值較高，投資者應謹慎決策，建議持有現有股票。

Meta Platforms 股票：是買入、持有還是賣出？