Rick Munarriz

Meta, the company formerly known as Facebook, has delivered double digit revenue growth in 14 of the last 15 years.

So it's clearly growing pretty well, a much stronger double digit revenue growth streak than Apple is.

Yeah, and they have good momentum.

The last quarter for September, they had 3.54 billion average daily active users.

They call them daily active people, but come on, they're users.

Come on, we can call them users.

It's not a taboo word, Meta.

Up 8%.

So 8%, you go, okay, all right, the audience is growing.

That's fine.

Ad impressions up 14% year over year, which tells me engagement.

is rising.

And average price per ad, which is the real special sauce here, it's up 10% per impression.

So this is plus 20% revenue growth on the ad side for a business where the audience is growing about a third of the way there.

So I think that's very nice to look at.

And to me, the one thing I've been curious heading into this report is that of the three companies that we're going to talk about, this is one where for the fourth quarter, which is what they're going to report on this week,

In the last three months, earnings estimates have been moving higher, but for all of 2026, earnings estimates have been moving lower.

So I don't know if this is just the fear that there'll be more ramp up in AI spending, which you sort of mentioned, or just other factors eating away at the margins.

But again, this is a quality company and the whole metaverse thing, I think I'm not worried about the metaverse losses.

I think it's not moving the needle and that's great.