<p><strong>Meta Platforms</strong>（META -2.99%）的股票在公司最近公佈財報後大幅上漲。現在的交易價格達到了歷史新高，因為這家社交媒體巨頭在過去幾年中不斷給投資者留下深刻印象。它在多個方面展現出強勁的增長，似乎勢不可擋。</p>
<p>但它是否能繼續成為熱門買入並不是一個確定的事情，因為圍繞公司的許多問題仍然存在。以下是最近股票表現出色的原因，以及投資者在購買 Meta Platforms 股票之前應考慮的風險。</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>圖片來源：Getty Images。</p>
<h2>1. 收入在北美以外快速增長</h2>
<p>Meta 第二季度財報的亮點是，公司超出了預期，銷售額增長了 22%，總計為 475 億美元，超出了 448 億美元的預期。每股收益為 7.14 美元，遠超分析師預期的 5.92 美元。</p>
<p>但特別令人驚訝和印象深刻的是公司增長的_來源_。在過去兩年中，美國和加拿大的廣告收入增長了不到 42%。在其他市場，增長率更高。在歐洲，收入在兩年內增長了 56%，而在 Meta 的其他地區增長了 64%。亞太地區的增長略超過 42%，也高於 Meta 在美國和加拿大市場的增長。</p>
<p>總體來看，考慮到國際市場，Meta 仍然有相當大的增長潛力，這對增長型投資者來説是一個令人鼓舞的信號。</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>圖片來源：Meta Platforms 的第二季度投資者演示文稿。</p>
<h2>2. Meta 變得更加高效</h2>
<p>另一個對投資者來説的好消息是，Meta 的業務在用更少的資源做更多的事情。過去幾年中，其費用佔收入的比例大幅下降。上個季度的營業利潤率為 43%，而去年同期為 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>圖片來源：Meta Platforms 的第二季度投資者演示文稿。</p>
<p>Meta 一直在利用人工智能提高運營效率，隨着其持續這樣做，這一趨勢可能會繼續。此外，如果其利潤率擴大，底線可能會顯得更加出色，使這隻社交媒體股票在未來看起來更便宜。</p>
<h2>3. 每日活躍用户數量持續上升</h2>
<p>在 2022 年，曾有人擔心 Meta Platforms 的業務出現問題，因為 Facebook 首次出現每日用户數量下降。但這些擔憂似乎已經消失，因為公司現在正在穩步增長用户數量。</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>圖片來源：Meta Platforms 的第二季度投資者演示文稿。</p>
<p>目前，近 35 億每日活躍用户正在使用其應用程序（Facebook、Instagram、Messenger 或 WhatsApp），這也難怪公司成為營銷人員和廣告支出的首選。儘管在用户數量如此龐大的情況下，持續增加用户並不容易，但 Meta 卻能夠做到這一點，證明了其業務在近年來的確勢不可擋，或者説似乎如此。</p>
<h2>投資者不能忽視的風險</h2>
<p>Meta 的業務看似勢不可擋，但這並不意味着沒有風險。仍然存在一場反壟斷鬥爭，可能導致失去其最珍貴的兩個資產：Instagram 和 WhatsApp。這兩個平台在年輕受眾中尤其受歡迎，如果發生分拆，這可能對 Meta 的業務造成重大損失。而目前，投資者似乎並沒有將這一風險計入價格。</p>
<p>另一個問題是，儘管用户數量在上升，但《華爾街日報》今年早些時候的一份報告發現，公司在清除平台上的詐騙者方面採取了鬆懈的態度，實際上已成為詐騙者的中心。根據 2022 年的一項分析，最多有 70% 的新廣告客户要麼在推廣詐騙，要麼在銷售非法或低質量商品。</p>
<p>這些都是投資者不應忽視的潛在嚴重問題。儘管業務表現非常出色，但如果其數字因平台上的不良行為者而被誇大，那麼這可能會導致未來出現重大問題。</p>
<h2>你今天應該購買 Meta Platforms 的股票嗎？</h2>
<p>截至週四收盤，Meta 的股票自年初以來上漲了 32%。根據分析師的估計，其前瞻市盈率為 28。其驚人的利潤增長令人印象深刻，也是股票看起來持續便宜的一個重要原因。</p>
<p>但我不會急於購買這隻股票，至少在關於 Instagram 和 WhatsApp 的未來情況更加明確之前不會。而且我也對其用户增長持謹慎態度，擔心詐騙和虛假賬户是否可能對其增長產生重大影響。儘管 Meta 最近幾個季度的業績看起來非常好，但我並不相信這項業務如表面上看起來那樣勢不可擋，因為未來可能會出現麻煩。</p>

META

<p>Meta Platforms 的股票在強勁的財報發佈後大幅上漲，銷售額增長了 22%，國際市場的增長也令人矚目。該公司正在變得更加高效，運營利潤率上升，日活躍用户數量達到 35 億。然而，風險依然存在，包括潛在的反壟斷問題和對其平台上詐騙行為的擔憂。儘管今年股票上漲了 32%，投資者仍被建議在對這些風險有明確瞭解之前再考慮購買股票</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佈財報後大幅上漲。現在的交易價格達到了歷史新高，因為這家社交媒體巨頭在過去幾年中不斷給投資者留下深刻印象。它在多個方面展現出強勁的增長，似乎勢不可擋。</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>但它是否能繼續成為熱門買入並不是一個確定的事情，因為圍繞公司的許多問題仍然存在。以下是最近股票表現出色的原因，以及投資者在購買 Meta Platforms 股票之前應考慮的風險。</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>圖片來源：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長</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 第二季度財報的亮點是，公司超出了預期，銷售額增長了 22%，總計為 475 億美元，超出了 448 億美元的預期。每股收益為 7.14 美元，遠超分析師預期的 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>但特別令人驚訝和印象深刻的是公司增長的_來源_。在過去兩年中，美國和加拿大的廣告收入增長了不到 42%。在其他市場，增長率更高。在歐洲，收入在兩年內增長了 56%，而在 Meta 的其他地區增長了 64%。亞太地區的增長略超過 42%，也高於 Meta 在美國和加拿大市場的增長。</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>總體來看，考慮到國際市場，Meta 仍然有相當大的增長潛力，這對增長型投資者來説是一個令人鼓舞的信號。</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>圖片來源：Meta Platforms 的第二季度投資者演示文稿。</p>
</div><h2>2. Meta is becoming much more efficient</h2>
<div class="lb-trans"><h2>2. Meta 變得更加高效</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>另一個對投資者來説的好消息是，Meta 的業務在用更少的資源做更多的事情。過去幾年中，其費用佔收入的比例大幅下降。上個季度的營業利潤率為 43%，而去年同期為 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>圖片來源：Meta Platforms 的第二季度投資者演示文稿。</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運營效率，隨着其持續這樣做，這一趨勢可能會繼續。此外，如果其利潤率擴大，底線可能會顯得更加出色，使這隻社交媒體股票在未來看起來更便宜。</p>
</div><h2>3. Number of daily active people continues to rise</h2>
<div class="lb-trans"><h2>3. 每日活躍用户數量持續上升</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，曾有人擔心 Meta Platforms 的業務出現問題，因為 Facebook 首次出現每日用户數量下降。但這些擔憂似乎已經消失，因為公司現在正在穩步增長用户數量。</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>圖片來源：Meta Platforms 的第二季度投資者演示文稿。</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 億每日活躍用户正在使用其應用程序（Facebook、Instagram、Messenger 或 WhatsApp），這也難怪公司成為營銷人員和廣告支出的首選。儘管在用户數量如此龐大的情況下，持續增加用户並不容易，但 Meta 卻能夠做到這一點，證明了其業務在近年來的確勢不可擋，或者説似乎如此。</p>
</div><h2>Risks investors can't afford to ignore</h2>
<div class="lb-trans"><h2>投資者不能忽視的風險</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 的業務看似勢不可擋，但這並不意味着沒有風險。仍然存在一場反壟斷鬥爭，可能導致失去其最珍貴的兩個資產：Instagram 和 WhatsApp。這兩個平台在年輕受眾中尤其受歡迎，如果發生分拆，這可能對 Meta 的業務造成重大損失。而目前，投資者似乎並沒有將這一風險計入價格。</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>另一個問題是，儘管用户數量在上升，但《華爾街日報》今年早些時候的一份報告發現，公司在清除平台上的詐騙者方面採取了鬆懈的態度，實際上已成為詐騙者的中心。根據 2022 年的一項分析，最多有 70% 的新廣告客户要麼在推廣詐騙，要麼在銷售非法或低質量商品。</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>這些都是投資者不應忽視的潛在嚴重問題。儘管業務表現非常出色，但如果其數字因平台上的不良行為者而被誇大，那麼這可能會導致未來出現重大問題。</p>
</div><h2>Should you buy Meta Platforms' stock today?</h2>
<div class="lb-trans"><h2>你今天應該購買 Meta Platforms 的股票嗎？</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>截至週四收盤，Meta 的股票自年初以來上漲了 32%。根據分析師的估計，其前瞻市盈率為 28。其驚人的利潤增長令人印象深刻，也是股票看起來持續便宜的一個重要原因。</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>但我不會急於購買這隻股票，至少在關於 Instagram 和 WhatsApp 的未來情況更加明確之前不會。而且我也對其用户增長持謹慎態度，擔心詐騙和虛假賬户是否可能對其增長產生重大影響。儘管 Meta 最近幾個季度的業績看起來非常好，但我並不相信這項業務如表面上看起來那樣勢不可擋，因為未來可能會出現麻煩。</p>
</div>

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

- Meta Platforms 股票因業績超預期而上漲，銷售額增長 22% 達到 475 億美元。  
- 用户日活躍人數接近 35 億，但面臨反壟斷和詐騙問題的風險。  
- 投資者需謹慎，關注 Instagram 和 WhatsApp 的未來發展。  

Meta Platforms 股票看似勢不可擋的三個原因，但能否繼續保持這種勢頭？