...November 29, 2023 What's new: Meta Platforms recently reported its third-quarter 2023 results, which included faster-than-forecast growth in its revenue, EBITDA, and free cash flow. The company increased its advertising revenue by 23.5% year over year in the third quarter and the pace of this growth has accelerated sequentially each quarter this year (4.1% in the first quarter and 11.9% in the second quarter). Therefore, we have updated our 2023-2025 forecasts to reflect Meta's strong quarterly results and guidance. Why it matters: After a year of weak global advertising, due to geopolitical events and fears of a global macroeconomic recession, we believe Meta's results clearly indicate that overall global digital advertising performance has recovered. That said, brand advertising remains more volatile and vulnerable to geopolitical shocks. We now expect Meta will increase its overall revenue by 14% in 2023 and 13% in 2024 aided by the improving traction of its Reels offering with both...
