<p><strong>Meta Platforms</strong>（META 2.30%）的股價在過去幾周內受到的打擊比大盤更為嚴重。該股自 2 月份創下歷史高點以來已下跌近 30%，而 <strong>標準普爾 500 指數</strong> 下跌近 18%，<strong>納斯達克綜合指數</strong> 下跌近 23%，已明確進入熊市。然而，這家社交媒體公司的拋售可能被一些人視為買入機會。</p>
<p>Meta 擁有流行的應用程序 Facebook、Instagram、Threads、Messenger 和 WhatsApp，因此並未直接受到特朗普總統對幾乎所有國家進口商品徵收關税的影響。但考慮到其大部分收入來自廣告，它是否仍可能成為這些關税的受害者呢？</p>
<h2>隨着關税飆升，廣告預算備受關注</h2>
<p>在當前環境下，Meta Platforms 的熊市案例主要與消費者情緒相關。如果關税、反關税和貿易戰導致商品價格上漲，消費者的購買能力將下降。因此，公司可能會減少廣告支出。廣告通常是公司在經濟衰退期間以及預期經濟下滑時首先削減預算的領域。這種情況可能很快就會發生。</p>
<p>雖然我並不預測經濟衰退，但關税將導致商品價格上漲，降低消費能力，並使消費者在花錢時更加謹慎。目前尚不清楚這些關税將對美國消費者產生多大影響。</p>
<p>但如果企業廣告預算受到影響，Meta Platforms 可能會面臨一些痛苦。在第四季度，Meta 的收入為 484 億美元，其中 468 億美元來自廣告。此外，該部門的營業利潤率非常出色。在第四季度，其應用家族部門的營業利潤率達到了 61%。很少有公司能夠匹敵這一點，但這並不是 Meta 的整體利潤率。</p>
<p>Meta 正試圖擺脱單一業務的局面，因此正在大力投資其 Reality Labs 部門，該部門包括智能眼鏡、虛擬現實頭盔以及許多將人工智能與常用物品結合的設備，以及公司的元宇宙平台。然而，該部門迄今為止一直是一個燒錢的坑。在第四季度，Reality Labs 的收入為 11 億美元，營業虧損為 50 億美元。</p>
<p>如果這些產品中的某一個成為熱門，Reality Labs 可能會徹底改變投資者對 Meta 股票的看法。但截至目前，廣告仍是其主要關注點。</p>
<p>那麼，Meta 現在是一個值得購買的股票嗎？還是投資者應該避免？</p>
<h2>Meta 的股票價格遠低於一段時間以來的水平</h2>
<p>在拋售之後，Meta 的股票現在以相當有吸引力的估值交易。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d3dc8459ced8f67c0870868727e64ab6.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/d3dc8459ced8f67c0870868727e64ab6.png"/></p>
<p>META 市盈率數據來自 YCharts。</p>
<p>雖然我們距離 2023 年初該股交易的極低水平還有很長的路要走，但 21 倍的未來收益估值對 Meta 來説是一個有吸引力的估值。</p>
<p>如果其在尖端技術上的投資獲得回報，並且考慮到其數字平台是廣告商的主要投放場所之一，Meta 很可能會在這場貿易衝突中安然度過。雖然我現在不會急於購買該股票，尤其是在市場活動頻繁的情況下，但我認為在幾周後塵埃落定時，它將是一個值得長期持有的好股票，特別是如果我們看到一些國家與特朗普達成協議以解除關税。</p>

META

<p>Meta Platforms 的股票自 2 月份的高點以來已下跌近 30%，表現不及標準普爾 500 指數和納斯達克。此下降引發了對廣告預算的擔憂，因為關税可能會影響消費者支出。儘管其廣告部門的運營利潤率強勁，但 Meta 的 Reality Labs 目前尚未盈利。然而，考慮到市盈率為 21，該股票被視為具有吸引力的估值。分析師建議，一旦市場條件穩定，它可能是一個不錯的長期投資</p>

<p><strong>Meta Platforms</strong>' (META 2.30%) stock price has been beaten down even more severely than the broader market over the past few weeks. The stock is down nearly 30% from the all-time high it reached in February, while the <strong>S&amp;P 500</strong> is off by almost 18%, and the <strong>Nasdaq Composite</strong> is down almost 23%, firmly in bear market territory. But the social media company's sell-off may be seen by some as a buying opportunity.</p>
<div class="lb-trans"><p><strong>Meta Platforms</strong>（META 2.30%）的股價在過去幾周內受到的打擊比大盤更為嚴重。該股自 2 月份創下歷史高點以來已下跌近 30%，而 <strong>標準普爾 500 指數</strong> 下跌近 18%，<strong>納斯達克綜合指數</strong> 下跌近 23%，已明確進入熊市。然而，這家社交媒體公司的拋售可能被一些人視為買入機會。</p>
</div><p>Meta owns the popular apps Facebook, Instagram, Threads, Messenger, and WhatsApp, so it isn't directly affected by the tariffs President Donald Trump has imposed on imported goods from nearly every country. But given that it derives most of its revenue from advertising, could it still wind up a victim of these tariffs?</p>
<div class="lb-trans"><p>Meta 擁有流行的應用程序 Facebook、Instagram、Threads、Messenger 和 WhatsApp，因此並未直接受到特朗普總統對幾乎所有國家進口商品徵收關税的影響。但考慮到其大部分收入來自廣告，它是否仍可能成為這些關税的受害者呢？</p>
</div><h2>Advertising budgets are in focus as tariffs surge</h2>
<div class="lb-trans"><h2>隨着關税飆升，廣告預算備受關注</h2>
</div><p>The bear case for Meta Platforms in the current environment is mainly tied to consumer sentiment. If tariffs, counter-tariffs, and trade wars cause the prices of goods to rise, consumers won't be able to buy as much. As a result, companies may reduce their advertising spending. Advertising is notoriously one of the first places companies cut their budgets to streamline costs during recessions and even in anticipation of economic downturns. That may happen here soon.</p>
<div class="lb-trans"><p>在當前環境下，Meta Platforms 的熊市案例主要與消費者情緒相關。如果關税、反關税和貿易戰導致商品價格上漲，消費者的購買能力將下降。因此，公司可能會減少廣告支出。廣告通常是公司在經濟衰退期間以及預期經濟下滑時首先削減預算的領域。這種情況可能很快就會發生。</p>
</div><p>While I'm not predicting a recession, tariffs will cause the price of goods to rise, decreasing spending power and having the same effect of leading consumers to be more conservative with their money. The jury is still out about how much these tariffs will affect the American consumer.</p>
<div class="lb-trans"><p>雖然我並不預測經濟衰退，但關税將導致商品價格上漲，降低消費能力，並使消費者在花錢時更加謹慎。目前尚不清楚這些關税將對美國消費者產生多大影響。</p>
</div><p>But if corporate advertising budgets are affected, Meta Platforms could be in for some pain. In the fourth quarter, Meta generated $48.4 billion in revenue, $46.8 billion of which came from advertising. Additionally, the operating margin from this division is outstanding. In Q4, its Family of Apps division posted a 61% operating profit margin. Few companies can match this, but that's not Meta's overall profit margin.</p>
<div class="lb-trans"><p>但如果企業廣告預算受到影響，Meta Platforms 可能會面臨一些痛苦。在第四季度，Meta 的收入為 484 億美元，其中 468 億美元來自廣告。此外，該部門的營業利潤率非常出色。在第四季度，其應用家族部門的營業利潤率達到了 61%。很少有公司能夠匹敵這一點，但這並不是 Meta 的整體利潤率。</p>
</div><p>Meta is trying to get away from being a one-trick pony, so it's heavily investing in its Reality Labs division, which includes smart glasses, virtual reality headsets, and many other devices that integrate AI with commonly used items, as well as the company's metaverse platforms. However, the segment has thus far been a money pit. In Q4, Reality Labs booked revenue of $1.1 billion and an operating loss of $5 billion.</p>
<div class="lb-trans"><p>Meta 正試圖擺脱單一業務的局面，因此正在大力投資其 Reality Labs 部門，該部門包括智能眼鏡、虛擬現實頭盔以及許多將人工智能與常用物品結合的設備，以及公司的元宇宙平台。然而，該部門迄今為止一直是一個燒錢的坑。在第四季度，Reality Labs 的收入為 11 億美元，營業虧損為 50 億美元。</p>
</div><p>If one of these products becomes a hit, Reality Labs could completely transform how investors view Meta's stock. But as of now, advertising is its primary focus.</p>
<div class="lb-trans"><p>如果這些產品中的某一個成為熱門，Reality Labs 可能會徹底改變投資者對 Meta 股票的看法。但截至目前，廣告仍是其主要關注點。</p>
</div><p>So, is Meta a stock to buy now? Or should investors avoid it?</p>
<div class="lb-trans"><p>那麼，Meta 現在是一個值得購買的股票嗎？還是投資者應該避免？</p>
</div><h2>Meta's stock is far cheaper than it has been in some time</h2>
<div class="lb-trans"><h2>Meta 的股票價格遠低於一段時間以來的水平</h2>
</div><p>Following the sell-off, Meta's stock now trades for a fairly attractive valuation.</p>
<div class="lb-trans"><p>在拋售之後，Meta 的股票現在以相當有吸引力的估值交易。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d3dc8459ced8f67c0870868727e64ab6.png" alt="" original-src="https://media.ycharts.com/charts/d3dc8459ced8f67c0870868727e64ab6.png"/></p>
<p>META PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>META 市盈率數據來自 YCharts。</p>
</div><p>While we're still a long way away from the dirt-cheap levels the stock was trading at in early 2023, 21 times forward earnings is an attractive valuation for Meta.</p>
<div class="lb-trans"><p>雖然我們距離 2023 年初該股交易的極低水平還有很長的路要走，但 21 倍的未來收益估值對 Meta 來説是一個有吸引力的估值。</p>
</div><p>Should its investments in cutting-edge technology pay off, and considering its digital platforms are some of the top places for advertisers, Meta will likely emerge just fine from this trade conflict. While I wouldn't be rushing to buy the stock right now with all of the activity in the market, I think it will be a great stock to pick up for the long haul in a few weeks once the dust settles, especially if we see some countries cut deals with Trump to get their tariffs lifted.</p>
<div class="lb-trans"><p>如果其在尖端技術上的投資獲得回報，並且考慮到其數字平台是廣告商的主要投放場所之一，Meta 很可能會在這場貿易衝突中安然度過。雖然我現在不會急於購買該股票，尤其是在市場活動頻繁的情況下，但我認為在幾周後塵埃落定時，它將是一個值得長期持有的好股票，特別是如果我們看到一些國家與特朗普達成協議以解除關税。</p>
</div>

Nasdaq Bear Market: Should You Buy Meta Platforms Stock on the Dip?

- Meta Platforms 股票價格近期下跌近 30%，表現遜色於大盤。  
- 廣告支出可能因關税上升而受到影響，進而影響 Meta 收入。  
- 當前估值吸引，長期投資前景樂觀，但短期內需謹慎。  

納斯達克熊市：你應該在 Meta Platforms 股票下跌時買入嗎？