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*Facebook owner Meta slumps as ad sales, spending outlook cloud impressive earnings beat*

Meta Platforms (META) - Get Free Report shares slumped lower in pre-market trading after the social media giant cautioned that near-term ad spending could be affected by global macro conditions, while detailing 2024 spending plans that topped Wall Street forecasts. The outlook offset an otherwise impressive third quarter earnings report, which showed the Facebook owner post a bottom line of $4.39 per share, a level that was nearly double last year's tally and crushed Street forecasts. Group revenues were up 23.2%, the best growth rate in two years, to $34.15 billion while monthly and daily active users on it's 'Family of Apps', including WhatsApp, Facebook and Instagram, rose 7% from last year. Looking into the current quarter, Meta said it sees revenues in the region of $36.5 billion to $40 billion, a range that topped the Street forecast of $38 billion, but noted that the current conflict in the middle east, as well as weakening growth prospects in major economies around the world, could affect that outlook. Meta also said that while it's trimming its near-term capital spending plans, it's also looking to grow headcount 'significantly' next year, and forecast overall capex in the region of $94 billion to $99 billion. The group also said Reality Labs, the division which houses the group's metaverse ambitions, to increase meaningfully year-over-year due to our ongoing product development efforts in augmented reality/virtual reality and our investments to further scale our ecosystem." "While encouraging, we believe investors are viewing the wide range for 4Q revenue guidance as a near-term sign of caution," said KeyBanc Capital Markets analyst Justin Patterson, who carries an 'overweight' rating on the stock and lifted his price target by $24, to $380 per share, following last night's earnings. "CEO Mark Zuckerberg stated that Meta is continuing to focus on operating efficiency, and will be deprioritizing non-AI projects to shift resources toward AI," he added. "While commentary on a hiring backlog may have made some nervous about potential opex acceleration, we view the core message as clear: Meta plans to grow headcount at a much slower rate going forward." Meta Platforms shares were marked 2.4% lower in pre-mar following last night's earnings release to indicate an opening bell price of $292.51 each.Action Alerts PLUS offers expert portfolio guidance to help you make informed investing decisions. Sign up now.
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Facebook owner Meta slumps as ad sales, spending outlook cloud impressive earnings beat

Meta Platforms (META) - Get Free Report shares slumped lower in pre-market trading after the social media giant cautioned that near-term ad spending could be affected by global macro conditions, while detailing 2024 spending plans that topped Wall Street forecasts. The outlook offset an otherwise impressive third quarter earnings report, which showed the Facebook owner post a bottom line of $4.39 per share, a level that was nearly double last year's tally and crushed Street forecasts. Group revenues were up 23.2%, the best growth rate in two years, to $34.15 billion while monthly and daily active users on it's 'Family of Apps', including WhatsApp, Facebook and Instagram, rose 7% from last year. Looking into the current quarter, Meta said it sees revenues in the region of $36.5 billion to $40 billion, a range that topped the Street forecast of $38 billion, but noted that the current conflict in the middle east, as well as weakening growth prospects in major economies around the world, could affect that outlook. Meta also said that while it's trimming its near-term capital spending plans, it's also looking to grow headcount 'significantly' next year, and forecast overall capex in the region of $94 billion to $99 billion. The group also said Reality Labs, the division which houses the group's metaverse ambitions, to increase meaningfully year-over-year due to our ongoing product development efforts in augmented reality/virtual reality and our investments to further scale our ecosystem." "While encouraging, we believe investors are viewing the wide range for 4Q revenue guidance as a near-term sign of caution," said KeyBanc Capital Markets analyst Justin Patterson, who carries an 'overweight' rating on the stock and lifted his price target by $24, to $380 per share, following last night's earnings. "CEO Mark Zuckerberg stated that Meta is continuing to focus on operating efficiency, and will be deprioritizing non-AI projects to shift resources toward AI," he added. "While commentary on a hiring backlog may have made some nervous about potential opex acceleration, we view the core message as clear: Meta plans to grow headcount at a much slower rate going forward." Meta Platforms shares were marked 2.4% lower in pre-mar following last night's earnings release to indicate an opening bell price of $292.51 each.Action Alerts PLUS offers expert portfolio guidance to help you make informed investing decisions. Sign up now.
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*Ford stock gains on tentative UAW labor pact with Q3 earnings in focus*

Ford (F) - Get Free Report shares moved higher in pre-market trading after the carmaker reached a tentative labor agreement with the United Autoworkers Union just hours ahead of its third quarter earnings report slated for after the closing bell. Ford said the deal will see UAW members receive a 25% pay increase over the next four and a half years, including an initial boost of around 11%, with a further 30% increase in cost-of-living adjustment payments. If ratified, the deal will be the first between a Big Three automaker and the UAW since president Shawn Fain initiated strike action last month in a move that eventually grew to 45,000 workers across several states and major production facilities around the country. General Motors, which posted third quarter earnings earlier this week, said the strikes cost $200 million over the three months ending in September and would cost around $200 million a week in the current quarter until they were resolved. The carmaker also scrapped its full-year profit guidance. "We are pleased to have reached a tentative agreement on a new labor contract with the UAW covering our U.S. operations. Ford is proud to assemble the most vehicles in America and employ the most hourly autoworkers," Ford said in a statement. "We are focused on restarting Kentucky Truck Plant, Michigan Assembly Plant and Chicago Assembly Plant, calling 20,000 Ford employees back to work and shipping our full lineup to our customers again." Ford shares were marked 1.13% higher in pre-market trading to indicate an opening bell price of $11.67 each. News of the tentative agreement now puts the focus firmly on Ford's third quarter update, as well as its near-term outlook, after the close of trading. Analysts expect Ford to post a bottom line of 45 cents per share, up around 50% from the same period last year, on revenues of $ 41.22 billion. Earlier this month, Ford said overall sales were up 7.7% to just over 500,000 units over the three months ending in September, including a 14.8% surge in overall EV deliveries. Sales of its flagship F-150 Lightning truck, however, were down 45.8% over the quarter. Get exclusive access to portfolio managers and their proven investing strategies with Real Money Pro. Get started now.
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Ford stock gains on tentative UAW labor pact with Q3 earnings in focus

Ford (F) - Get Free Report shares moved higher in pre-market trading after the carmaker reached a tentative labor agreement with the United Autoworkers Union just hours ahead of its third quarter earnings report slated for after the closing bell. Ford said the deal will see UAW members receive a 25% pay increase over the next four and a half years, including an initial boost of around 11%, with a further 30% increase in cost-of-living adjustment payments. If ratified, the deal will be the first between a Big Three automaker and the UAW since president Shawn Fain initiated strike action last month in a move that eventually grew to 45,000 workers across several states and major production facilities around the country. General Motors, which posted third quarter earnings earlier this week, said the strikes cost $200 million over the three months ending in September and would cost around $200 million a week in the current quarter until they were resolved. The carmaker also scrapped its full-year profit guidance. "We are pleased to have reached a tentative agreement on a new labor contract with the UAW covering our U.S. operations. Ford is proud to assemble the most vehicles in America and employ the most hourly autoworkers," Ford said in a statement. "We are focused on restarting Kentucky Truck Plant, Michigan Assembly Plant and Chicago Assembly Plant, calling 20,000 Ford employees back to work and shipping our full lineup to our customers again." Ford shares were marked 1.13% higher in pre-market trading to indicate an opening bell price of $11.67 each. News of the tentative agreement now puts the focus firmly on Ford's third quarter update, as well as its near-term outlook, after the close of trading. Analysts expect Ford to post a bottom line of 45 cents per share, up around 50% from the same period last year, on revenues of $ 41.22 billion. Earlier this month, Ford said overall sales were up 7.7% to just over 500,000 units over the three months ending in September, including a 14.8% surge in overall EV deliveries. Sales of its flagship F-150 Lightning truck, however, were down 45.8% over the quarter. Get exclusive access to portfolio managers and their proven investing strategies with Real Money Pro. Get started now.
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