Citi published a report stating that Meta Platforms' third-quarter revenue and fourth-quarter revenue guidelines were better than expected. Total revenue for the third quarter was US$64.6 billion, up 26.1% year on year. Excluding exchange, it rose 26.3% year on year, which was about 2% higher than market expectations. It was mainly driven by a 26% increase in advertising revenue after excluding exchange, a 10% increase in ad impressions and a 14% increase in pricing. The company's revenue guidance for the fourth quarter was $73 billion to $76 billion, which was about 1% higher than market expectations. The bank maintained a “buy” rating on Meta with a target price of $895 as the rise in Muse usage brought about a positive AI trend, continued core ad revenue momentum, and improved computing power.

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