Social network operator Meta Platforms (NASDAQ:META) will be reporting results tomorrow after the bell. Here's what investors should know.

Last quarter Meta reported revenues of $40.11 billion, up 24.7% year on year, beating analyst revenue expectations by 2.4%. It was a strong quarter for the company, with optimistic revenue guidance for the next quarter and a decent beat of analysts' revenue estimates. The company reported 3.98 billion monthly active users, up 6.4% year on year.

Is Meta buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Meta's revenue to grow 26.5% year on year to $36.23 billion, improving on the 2.6% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $4.36 per share.

The analysts covering the company have been growing increasingly bullish about the business heading into the earnings, with revenue estimates seeing seventeen upwards revisions over the last thirty days. The company missed Wall St's revenue estimates twice over the last two years.

Looking at Meta's peers in the consumer internet segment, only Netflix has so far reported results, delivering top-line growth of 14.8% year on year, and beating analyst estimates by 1%. The stock was down 3.4% on the results.

Inflation progressed towards the Fed's 2% goal at the end of 2023, leading to strong stock market performance. The start of 2024 has been a bumpier ride, as the market switches between optimism and pessimism around rate cuts due to mixed inflation data, and while some of the consumer internet stocks have fared somewhat better, they have not been spared, with share price declining 6% over the last month. Meta is down 4% during the same time, and is heading into the earnings with with analyst price target of $541.2, compared to share price of $482.7.

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