At this point, the gains after $META 's earnings are almost completely wiped out
A quick aside
The market is no longer as bullish on AI as it was before; attention is shifting back to tech stocks themselves
Most other tech giants have a clear, easy-to-understand core business, but Meta's is rather vague
The last time Meta's story felt “sexy” to me was when it changed its name. Unfortunately, the metaverse has yet to prove itself (or perhaps it was simply too far ahead of its time)
Since then, it has made bets in several areas, including virtual reality, AI glasses, large language models, and AI agents
But so far, none of them have really taken off
The vast majority of Meta's revenue today comes from advertising
This was especially clear in its recently released Q3 earnings report: advertising accounted for nearly 98% of Meta's total revenue
Looking at Meta's revenue mix over the past six quarters, this share has barely fluctuated. In Q3, it fell by just 0.12 percentage points
Although Google earns more from advertising, Meta is undoubtedly more reliant on this business and is therefore more vulnerable to platform rules (in its annual report last year, it explicitly listed its reliance on third-party platforms such as Android and iOS as a significant business risk)
Perhaps it's also because Meta's products just don't really resonate with me compared with those of other tech giants
So in my eyes, although it's a very profitable advertising company, Meta still feels like the most ordinary of the major tech giants
#股票财报季
A quick aside
The market is no longer as bullish on AI as it was before; attention is shifting back to tech stocks themselves
Most other tech giants have a clear, easy-to-understand core business, but Meta's is rather vague
The last time Meta's story felt “sexy” to me was when it changed its name. Unfortunately, the metaverse has yet to prove itself (or perhaps it was simply too far ahead of its time)
Since then, it has made bets in several areas, including virtual reality, AI glasses, large language models, and AI agents
But so far, none of them have really taken off
The vast majority of Meta's revenue today comes from advertising
This was especially clear in its recently released Q3 earnings report: advertising accounted for nearly 98% of Meta's total revenue
Looking at Meta's revenue mix over the past six quarters, this share has barely fluctuated. In Q3, it fell by just 0.12 percentage points
Although Google earns more from advertising, Meta is undoubtedly more reliant on this business and is therefore more vulnerable to platform rules (in its annual report last year, it explicitly listed its reliance on third-party platforms such as Android and iOS as a significant business risk)
Perhaps it's also because Meta's products just don't really resonate with me compared with those of other tech giants
So in my eyes, although it's a very profitable advertising company, Meta still feels like the most ordinary of the major tech giants
#股票财报季