財報速讀 | 盤後暴跌19%,Meta意料之中爆雷,但雷點卻不是廣告收入
北京時間10月27日早晨,Meta發佈了2022年Q3財報,盤後股價再度“自由落體”跌超19%。在同行SNAP、谷歌相繼爆雷後,大家肯定會說Meta也是廣告收入不行了吧,其實不然。
數據顯示,Meta三季度廣告收入同比下滑3.7%,雖然是連續兩個季度下降,但是位於公司指引之內,而且略高於市場的一致預期,並沒有多差。那到底是什麼嚇壞了市場?
一是利潤崩了,十年來首次連續四個季度利潤下滑,淨利潤腰斬,且低於預期。Meta三季度員工總數還在增加,裁員的動作看來還沒有落到實處,在收入不增,費用仍然高企的情況下,利潤自然好不起來。
二是擴張計劃超預期,管理層表示明年的運營支出預算爲960-1010億,明顯超出市場預期的約900億,其中的大部分是用來圓小扎的“元宇宙夢”,Meta直言,儘管預計Reality Labs(元宇宙核心項目)在2023年的運營虧損將同比大幅增長,但2023年之後將繼續加快對這一業務的投資步伐。
但是,小扎對元宇宙的執着並不被市場看好,Reality Labs三季度的收入腰斬,虧損持續擴大。在經濟好的時候,這樣的燒錢項目是“錦上添花”,估值提升的“第二增長曲線”,但是經濟不好的時候,對股價可是“雪上加霜”。這不,前幾天Meta的重量級股東還公開督促小扎儘快削減成本,對元宇宙的投資砍半。
至於下季度的收入指引,Meta給的比較保守,市場也不是很滿意,預示着四季度的實際增長會比三季度更差。今年Meta股價累計跌超60%,跌幅遙遙領先美股科技股,在宏觀經濟面臨衰退風險以及競爭加劇的市況下,市場對Meta的預期可能也就是保住利潤過冬了,承諾員工規模不再擴張的Meta,後續是否會調整自己的投資計劃呢?拭目以待。
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