原文標題： Meta shares jump 10% on stronger-than-expected revenue forecast 原文連結： https://www.cnbc.com/2026/01/28/meta-q4-earnings-report-2025.html 發布時間：Published Wed, Jan 28 2026 12:00 PM ESTUpdated 59 Min Ago 記者署名：Jonathan Vanian 原文內容： Meta reported fourth-quarter earnings on Wednesday that topped estimates and issued stronger-than-expected sales guidance. The stock popped as much as 10% in after-hours trading. Meta 於週三公布的第四季財報優於市場預期，並給出高於預期的銷售指引，帶動股價在 盤後交易中一度大漲多達 10%。 Here’s how the company did, compared with estimates from analysts polled by LSEG: 以下是 Meta 的實際表現與 LSEG 調查之分析師預估的比較： Earnings per share: $8.88 vs. $8.23 estimated 每股盈餘（EPS）：8.88 美元，高於預期的 8.23 美元 Revenue: $59.89 billion vs. $58.59 billion estimated 營收：598.9 億美元，高於預期的 585.9 億美元 Meta said it expects first-quarter sales to come in the range of $53.5 billion to $56.5 billion, ahead of analyst estimates of $51.41 billion. Meta 表示，預期第一季營收將落在 535 億至 565 億美元之間，明顯高於分析師原先預 估的 514.1 億美元。 Finance chief Susan Li said that forecast was “really underpinned by the strong demand that we saw through the end of Q4 and continuing into the start of 2026.” 財務長 Susan Li 表示，這項預測「主要是建立在我們在第四季末看到的強勁需求，並且 這股需求延續到了 2026 年初」。 The company said fourth-quarter sales rose 24% year-over-year. The company said its advertising business generated revenue of $58.1 billion for the period. Advertising made up nearly 97% of the company’s overall revenue for the quarter. 公司指出，第四季營收年增 24%。其中廣告業務在該季度貢獻了 581 億美元營收，廣告 收入幾乎占公司總營收的 97%。 Meta said that fourth-quarter daily active people came in at 3.58 billion, in line with Wall Street estimates. Meta 表示，第四季的每日活躍用戶數（DAP）為 35.8 億人，符合華爾街預期。 The social media giant said it expects the total expenses for 2026 to come in between $162 billion through $169 billion. 這家社群媒體巨頭表示，預期 2026 年總支出將介於 1,620 億至 1,690 億美元之間。 Capital expenditures related to the company’s artificial intelligence push are expected to be in the range of $115 billion to $135 billion for 2026, ahead of analyst expectations of $110.7 billion for the year. 與 AI 投資相關的資本支出，預期 2026 年將介於 1,150 億至 1,350 億美元之間，高於 分析師預估的 1,107 億美元。 It’s also nearly double how much Meta spent on CapEx in 2025, which came in at $72.2 billion, the company said on Wednesday. 這也幾乎是 Meta 2025 年資本支出 722 億美元的兩倍。 Meta said the CapEx spending is due to “year-over-year growth driven by increased investment to support our Meta Superintelligence Labs efforts and core business.” Meta 表示，這些資本支出來自「為了支持 Meta 超級智慧實驗室（Meta Superintelligence Labs）與核心業務而增加投資，所帶來的年增成長」。 CEO Mark Zuckerberg said Meta will release its latest AI models “over the coming months.” 執行長馬克・祖克柏表示，Meta 將在「接下來的幾個月內」發布最新的 AI 模型。 “I expect our first models will be good, but more importantly, we’ll show the rapid trajectory that we’re on,” he told analysts on a call Wednesday, “And then, I expect us to steadily push the frontier over the course of the year, as we continue to release new models.” 他在電話會議中對分析師說：「我預期我們第一批模型會相當不錯，但更重要的是，我們 將展示自己正在快速前進的軌跡；接著，在接下來的一整年中，隨著新模型持續推出，我 們會穩定地推進技術前沿。」 The company spent a large chunk of 2025 overhauling its AI unit, investing $14 .3 billion in Scale AI as part of an effort to land the startup’s founder Alexandr Wang and several of his colleagues. 公司在 2025 年大幅重組 AI 部門，並投資 143 億美元於 Scale AI，藉此延攬該新創公 司創辦人 Alexandr Wang 及其多位核心成員。 Wang oversees Meta’s top-tier TBD unit that is tasked with developing powerful AI models. Wang 目前負責 Meta 的頂級 TBD 部門，該部門的任務是開發最先進、最強大的 AI 模型 。 The company set up TBD after its Llama 4 model launched to tepid response from developers last spring. Meta 是在去年春天 Llama 4 模型推出後反應平淡，才成立 TBD 這個新單位。 Meta has been testing a new frontier model and Llama successor code-named Avocado, and plans to release it during the first half of the year, CNBC reported. 據 CNBC 報導，Meta 正在測試一款代號為「Avocado」的新一代前沿模型與 Llama 接班 人，並計畫在今年上半年發布。 The company’s Reality Labs unit logged an operating loss of $6.02 billion while generating $955 million in sales for the quarter. Reality Labs 部門本季營收 9.55 億美元，但營業虧損達 60.2 億美元。 Analysts were projecting Reality Labs to record an operating loss of $5.67 billion on $940.8 million in fourth-quarter sales. 分析師原本預測其營收約 9.408 億美元、營業虧損約 56.7 億美元。 Reality Labs now has nearly $80 billion in total operating losses since late 2020. Reality Labs 自 2020 年底以來，累計營業虧損已接近 800 億美元。 Earlier this month, Meta laid off more than 1,000 Reality Labs employees who worked on VR-related initiatives… 本月稍早，Meta 裁撤超過 1,000 名 Reality Labs 員工，主要集中在 VR 相關專案，包 括內部工作室，以將資源轉向 AI 與穿戴式裝置（如 Ray-Ban Meta 智慧眼鏡）。 Although Meta tech chief Andrew Bosworth said… Meta is not halting its VR efforts… 雖然 Meta 技術長 Andrew Bosworth 表示公司並未停止 VR 發展，但 Meta 在該產業中 的影響力已讓部分開發者轉趨保守，並引發「VR 寒冬」的擔憂。 Meta on Wednesday said that it expects Reality Labs operating losses in 2026 to remain at similar levels to the year prior. Meta 表示，2026 年 Reality Labs 的營業虧損將與前一年大致相同。 Zuckerberg said he expects this year to be the peak of Reality Labs’ losses… 祖克柏指出，今年可能會是 Reality Labs 虧損的高峰，「未來將逐步縮小虧損」。 The company noted that regulatory and legal headwinds… could “significantly impact our business and financial results.” 公司警告，歐盟與美國的監管及法律逆風可能「對業務與財務表現產生重大影響」。 Meta said that various high-profile social media trials… “may ultimately result in a material loss.” Meta 表示，今年多起備受矚目的社群媒體相關訴訟「最終可能導致實質性損失」。 心得/評論： 第四季近 97% 營收來自廣告 顯示 Meta 仍是一台極其高效的廣告印鈔機 AI 並非直接賺錢來源 而是強化廣告精準度與變現能力的引擎 一家擁有全球最大廣告現金流的 AI 超級資本體 or 詐騙集團 -- ※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 180.177.12.128 (臺灣) ※ 文章網址: https://webptt.cc/bbs/Stock/M.1769642963.A.503.html