Q1 2025 Meta Platforms Earnings

[moritz]

Valuation model update

Meta Platforms Valuation Model

I have increased my Q2 2025 revenue estimate by approximately $1 billion, following Zuckerberg’s comments that Meta’s business is likely to remain resilient despite macro uncertainty. My new estimate now aligns with the midpoint of management’s revenue guidance. However, since Meta has historically exceeded the upper end of guidance, this still reflects a cautious stance on my part for Q2. I have kept my full-year 2025 total expenses estimate largely unchanged at $115 billion, in line with the …