Meta Platforms earnings might bring some light to beleaguered Facebook parent
Fritz Jorgensen/iStock Editorial via Getty Images

Facebook parent company Meta Platforms (NASDAQ:META) will take the spotlight on Wall Street Wednesday amid wide speculation about what the social-networking giant will have to say about its fourth-quarter results and outlook.
Wall Street analysts currently expect Meta (META) to turn in a profit of $2.23 a share, on revenue of $31.7B for the quarter that ended in December. And analysts are going to be looking at what the company says about the advertising market that has turned sideways for many social-media players in recent months.
"We generally expect a cautious tone across the group due to ongoing economic concerns," said KeyBanc Capital Markets analyst Justin Patterson, who advised investors hold off until the spring before getting into social-media stocks because that's when ad budget plans tend to be solidified for the rest of the year.
However, Patterson also said that he believes Meta (META) may be the only major social-media company that might raise its forecasts after its results come out. Among the reasons Patterson gave for his opinion were foreign exchange rates and the company's plan to cut 11,000 jobs from its nearly 90,000-employees. With such factors in play, Patterson said Meta (META) has "guardrails" around its earnings expectations.
Meanwhile, at Lightshed Partners, analyst Rich Greenfield on Monday started his coverage of Meta (META) with a buy rating and $200-a-share price target. 
Greenfield said that he has become more positive about Meta (META) because after the last three years, "much of what worried us [about the company] has come to pass," and that Meta (META) is in a position for its revenue and earnings growth to "meaningfully outperform" expectations in 2024 and 2025.