Matt Britzman, senior equity analyst, Hargreaves Lansdown:
“Meta delivered another quarter that makes it hard to argue against the strength of the core business. Revenue grew 26%, helped by faster growth in North America and rising engagement across Facebook and Instagram, while fourth-quarter guidance points to a further pick-up and management is already talking up a strong 2027 as AI keeps improving ad targeting and recommendations. Early numbers for Muse were encouraging too, with 2.5 million daily users within weeks and shopping emerging as the top use case, though these early adopters are some of Meta's most valuable users, so keeping up the momentum is key.
The big question, as ever, is cost. The 2026 spending range has been dialled in, and management expects to spend aggressively again in 2027 if Muse keeps gaining traction, while a new share class has been set up to raise fresh capital without weakening Zuckerberg's control. We continue to see Meta as one of the best-placed names to capitalise on consumer and enterprise AI. But with next year's investment bill still unknown, a possible equity raise, and an earnings multiple that has now re-rated, the near-term balance of risk and reward looks more even.”
Notes to Editors
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