CICC: Maintains "Outperform the Market" rating on Meta, raises revenue forecast for this year and next year

CICC's report stated that Meta's revenue in the second quarter increased by 22% year-on-year to $39.1 billion, exceeding market expectations by 2%. Net profit increased by 73% year-on-year to $13.5 billion, surpassing market consensus by 10%. The company expects third-quarter revenue to grow by 13 to 20% year-on-year, reaching $38.5 billion to $41 billion, with the midpoint of the guidance 1.5% higher than market consensus. CICC raised Meta's revenue forecasts for the next two years by 2% to $161.4 billion and $181.2 billion respectively, raised this year's net profit forecast by 2% to $54.7 billion, maintained next year's forecast, maintained an "outperform" rating, and set a target price of $540