XLC - Meta Platforms ETFs to Buy Ahead of Q1 Earnings | Benzinga
Social media giant Meta Platforms (NASDAQ: META) is set to release first-quarter fiscal 2024 results on Apr 24 after market close.
The stock has jumped 22% over the past three months and has outperformed the industry's decline of 7.8%. The outperformance might continue as Meta Platforms has a strong chance of beating estimates on earnings and saw a positive earnings revision activity, which is generally a precursor to an earnings beat.
This has put the focus on ETFs — Communication Services Select Sector SPDR Fund (ARCA:XLC), Fidelity MSCI Communication Services Index ETF (ARCA:FCOM), Vanguard Communication Services ETF (ARCA:VOX), iShares Global Comm Services ETF (ARCA:IXP) and Global X Social Media Index ETF (NASDAQ: SOCL) — with a substantial allocation to this social media giant.
Earnings Whispers
Meta Platforms has an Earnings ESP of +0.62% and a Zacks Rank #2 (Buy). According to our methodology, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 or 3 (Hold) increases the chances of an earnings beat. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Meta Platforms saw a positive earnings estimate revision of 5 cents over the past 30 days for the soon-to-be-reported quarter. Analysts increasing estimates right before earnings — with the most up-to-date information possible — is a good indicator for the stock. The current Zacks Consensus Estimate for the yet-to-be-reported quarter indicates substantial year-over-year earnings growth of 63.6%. Revenues are expected to increase 26.6%. Meta Platforms delivered an earnings surprise of 19.71%, on average, in the last four quarters.
The stock belongs to a top-ranked Zacks Industry (top 22%) and has a VGM Score of B.
Meta Platforms ...