Rational Investing - Cameron Stewart, CFA 对 $META 的判断变化

2026-08-12看涨
《The Best Tech Stock to Buy Now: Microsoft vs Meta vs Apple!》
市场对Meta资本开支的过度反应,在核心广告业务强劲的背景下,以13.5倍EBITDA买入创造了机会。

我们讨论了微软。Meta 的业绩超出预期。Meta 本季度营收 600 亿美元,同比增长 28%。这是一个巨大的超预期。每股收益 6.18 美元,未达预期,盘前下跌。我说过这对我来说听起来很遗憾。

Um, we discussed Microsoft. Meta's beat. Meta had $60 billion of revenue in the quarter, up 28% year-over-year. That is a huge beat. Um, $6.18 earnings, missed earnings, down pre-market. I said that sounded like a shame to me.

让我们看看。Meta 的营收超出预期。我们讨论了每股收益未达预期 14.5%,净利润同比下降 14%。现金流,自由现金流,这个总结说自由现金流暴跌至 7.84 亿美元,而季度资本支出为 310 亿美元。

我不喜欢 Colott 这样表述自由现金流暴跌至 7.84 亿美元,而资本支出为 310 亿美元。这意味着他们花了很多钱在资本支出上。这几乎是零现金生成。全年资本支出指引为 1600 亿至 1450 亿美元。

Uh, let's see. Revenue for Meta E. So revenue was beat. We discussed EPS missed by 14 and a.5% and net income fell 14% year-over-year. Um the cash flow free cash flow this is saying this this recap cash flow collapsed to 784 million against $ 31 billion of quarterly capex.

Okay, I don't like how Colott is phrasing that free cash flow collapsed to 784 billion against 31 billion. It means they spent a lot of money in capex is what that means. That's near zero cash generation for the company.

Fullyear guidance for capex is 160 to $145 billion.