<p><strong>Meta Platforms</strong>（META 2.32%），這家擁有 Facebook、Instagram 和 WhatsApp 的社交媒體巨頭，近年來一直是增長的猛獸。其收入以快速的速度增長，股價也在飆升。自 2023 年初以來，股價上漲了 431%。</p>
<p>但正如他們所説，過去的表現並不能保證未來的表現。公司未來可能會面臨麻煩嗎？《華爾街日報》最近的一份報告討論了 Meta 業務中的一些重大缺陷，稱這些缺陷可能使 Meta 在未來面臨監管壓力。</p>
<p>如果你考慮今天購買 Meta Platforms 的股票，這裏是你需要知道的。</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>圖片來源：Getty Images。</p>
<h2>網絡欺詐的中心？</h2>
<p>根據《華爾街日報》5 月 15 日的報告，文件顯示，Meta Platforms &#34;在 2023 年和 2024 年夏季之間，幾乎佔據了所有報告的 Zelle 欺詐案件的近一半，針對的是 <strong>JPMorgan Chase</strong> [賬户持有者]。&#34; 英國和澳大利亞的監管機構也發現了類似的模式。</p>
<p>然而，這些仍然不是報告中最令人震驚的數字。報告稱，令人難以置信的是，估計有 70% 的新廣告主在該平台上被發現推廣欺詐或銷售非法或低質量產品。在某些情況下，可能需要 32 次違規才能使一個賬户被禁止使用該平台。</p>
<p>多年來，Meta 在其平台上與虛假信息相關的問題已經聲名在外，但這些新報告無疑將問題提升到了一個新的層面。我擔心公司的許多收入增長可能是由於政策寬鬆，這使得其平台成為騙子的温牀。</p>
<p>根據《華爾街日報》，Meta 的一位發言人表示，公司正在努力解決所提出的問題，並已向用户發出警告，提醒他們保持警惕，但它在法庭案件中也辯稱，自己沒有法律責任進行修復。儘管公司談論改善其做法，但報告的發現並未表明其做得足夠。</p>
<h2>如果沒有強勁的增長率，股票可能會面臨風險</h2>
<p>在 2023 年，當 Meta 的股票開始回暖時，其增長率加速，且比 2022 年要積極得多，當時公司在廣告支出上縮減開支。但如果這種強勁增長是由於廣告規則寬鬆，那麼在採取更嚴格立場的情況下，其增長率究竟會如何，便成了一個大問號。</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>數據來源：YCharts。</p>
<p>Meta 的增長率在最近幾個季度已經開始放緩，風險在於更多的放緩可能是不可避免的。無論其是否收緊政策，不利的宏觀經濟條件都可能對其運營造成壓力。根據 MoffettNathanson 的估計，中國零售商今年已經在考慮削減廣告支出，這可能會對 Meta 的廣告業務造成約 70 億美元的影響。</p>
<p>如果公司確實實施更嚴格的政策，或者被迫通過更大的政府監管來這樣做，這可能會使 Meta 的糟糕局面更加惡化。</p>
<h2>是否應該避免 Meta Platforms 的股票？</h2>
<p>根據當前的估計，Meta Platforms 的股票看起來相對便宜，交易價格為其過去收益的 24 倍，但如果公司必須在監管廣告方面採取更嚴格的立場，這一倍數可能會大相徑庭。它還面臨由於反壟斷問題可能導致的拆分風險，可能需要出售 Instagram 和/或 WhatsApp，這兩個在年輕受眾中更受歡迎的社交媒體應用。</p>
<p>截至目前，股票上漲約 9.3%，但較其 52 周高點下跌約 13%。在增長率放緩、業務可能拆分以及商業模式存疑的情況下，有很多理由現在避免這隻科技股。儘管 Meta 近年來表現良好，但這是我會避開的股票，因為我對其長期增長潛力有嚴重的懷疑。</p>

META

<p>Meta Platforms 在 2023 年經歷了顯著的收入增長和 431% 的股價上漲。然而，《華爾街日報》的報道指出了一些嚴重問題，包括該平台成為詐騙的温牀，70% 的新廣告客户推廣虛假產品。這引發了人們對其增長可持續性的擔憂，尤其是在宏觀經濟因素可能影響廣告收入的情況下。儘管市盈率相對較低，但潛在的監管壓力和增長速度放緩表明，投資者應對 Meta 的長期前景保持謹慎</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%），這家擁有 Facebook、Instagram 和 WhatsApp 的社交媒體巨頭，近年來一直是增長的猛獸。其收入以快速的速度增長，股價也在飆升。自 2023 年初以來，股價上漲了 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>但正如他們所説，過去的表現並不能保證未來的表現。公司未來可能會面臨麻煩嗎？《華爾街日報》最近的一份報告討論了 Meta 業務中的一些重大缺陷，稱這些缺陷可能使 Meta 在未來面臨監管壓力。</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>如果你考慮今天購買 Meta Platforms 的股票，這裏是你需要知道的。</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>圖片來源：Getty Images。</p>
</div><h2>A hub for internet fraud?</h2>
<div class="lb-trans"><h2>網絡欺詐的中心？</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>根據《華爾街日報》5 月 15 日的報告，文件顯示，Meta Platforms &#34;在 2023 年和 2024 年夏季之間，幾乎佔據了所有報告的 Zelle 欺詐案件的近一半，針對的是 <strong>JPMorgan Chase</strong> [賬户持有者]。&#34; 英國和澳大利亞的監管機構也發現了類似的模式。</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，這些仍然不是報告中最令人震驚的數字。報告稱，令人難以置信的是，估計有 70% 的新廣告主在該平台上被發現推廣欺詐或銷售非法或低質量產品。在某些情況下，可能需要 32 次違規才能使一個賬户被禁止使用該平台。</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>多年來，Meta 在其平台上與虛假信息相關的問題已經聲名在外，但這些新報告無疑將問題提升到了一個新的層面。我擔心公司的許多收入增長可能是由於政策寬鬆，這使得其平台成為騙子的温牀。</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>根據《華爾街日報》，Meta 的一位發言人表示，公司正在努力解決所提出的問題，並已向用户發出警告，提醒他們保持警惕，但它在法庭案件中也辯稱，自己沒有法律責任進行修復。儘管公司談論改善其做法，但報告的發現並未表明其做得足夠。</p>
</div><h2>Without a strong growth rate, the stock could be vulnerable</h2>
<div class="lb-trans"><h2>如果沒有強勁的增長率，股票可能會面臨風險</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，當 Meta 的股票開始回暖時，其增長率加速，且比 2022 年要積極得多，當時公司在廣告支出上縮減開支。但如果這種強勁增長是由於廣告規則寬鬆，那麼在採取更嚴格立場的情況下，其增長率究竟會如何，便成了一個大問號。</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>數據來源：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 的增長率在最近幾個季度已經開始放緩，風險在於更多的放緩可能是不可避免的。無論其是否收緊政策，不利的宏觀經濟條件都可能對其運營造成壓力。根據 MoffettNathanson 的估計，中國零售商今年已經在考慮削減廣告支出，這可能會對 Meta 的廣告業務造成約 70 億美元的影響。</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>如果公司確實實施更嚴格的政策，或者被迫通過更大的政府監管來這樣做，這可能會使 Meta 的糟糕局面更加惡化。</p>
</div><h2>Should you avoid Meta Platforms stock?</h2>
<div class="lb-trans"><h2>是否應該避免 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>根據當前的估計，Meta Platforms 的股票看起來相對便宜，交易價格為其過去收益的 24 倍，但如果公司必須在監管廣告方面採取更嚴格的立場，這一倍數可能會大相徑庭。它還面臨由於反壟斷問題可能導致的拆分風險，可能需要出售 Instagram 和/或 WhatsApp，這兩個在年輕受眾中更受歡迎的社交媒體應用。</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，股票上漲約 9.3%，但較其 52 周高點下跌約 13%。在增長率放緩、業務可能拆分以及商業模式存疑的情況下，有很多理由現在避免這隻科技股。儘管 Meta 近年來表現良好，但這是我會避開的股票，因為我對其長期增長潛力有嚴重的懷疑。</p>
</div>

Is Meta Platforms' Business in Trouble?

- Meta Platforms 的股價自 2023 年以來上漲 431%，但面臨監管壓力風險。  
- 報告稱，Meta 賬户幾乎佔 Zelle 報告詐騙的近一半，70% 新廣告主涉及詐騙。  
- 隨着增長放緩和潛在的反壟斷問題，投資者應謹慎對待該股票。  

Meta Platforms 的業務是否陷入困境？