TMTB: META First take

META: Q1 growth of 27% missed 28% bogey but beat street at 26%. Big miss is the guide coming in at 18% at the mid point vs street at 20% and buyside 22%. Low end of opex outlook also revised higher which wasn’t expected. Capex also up.

Opex revised higher to 96-99B vrom 94-99B and capex to 35-40B from 30-37B.

A trifecta of unexpected misses - need to re-evaluate and see what comes next as buyside nums likely coming down after this…

"We expect second quarter 2024 total revenue to be in the range of $36.5-39B."

Q1 Results
Revenue $36.46B, +27% y/y, EST $36.12B
Advertising rev. $35.64B, +27% y/y, EST $35.57B
Family of Apps revenue $36.02B, +27% y/y, EST $35.53B
Reality Labs revenue $440M, +30% y/y, EST $494.1M
Other revenue $380M, +85% y/y, EST $300.1M
Family of Apps operating income $17.66B, +57% y/y, EST $17.76B
Reality Labs operating loss $3.85B, -3.7% y/y, EST loss $4.51B
Operating margin 38% vs. 25% y/y, EST 37.2%
EPS $4.71 vs. $2.20 y/y, EST $4.30
Average Family service users per day 3.24B, +7.3…