Meta Platforms Earnings Preview and TA
Meta Platforms ( $Meta Platforms, Inc.(META)$) will report their earnings on July 27, just daysafter poor earnings from Snap ( $Snap Inc(SNAP)$) and Twitter ( $Twitter(TWTR)$). Snap plunged 39% while Twitter managed to gain 0.81%. This is likely to build a declining digital advertising spending from companies in theface of high inflation, interest rate concerns, continued supply chain issues and the Russia-Ukraine war.
Analysts expect Meta Platforms to deliver year-on-year decline on earnings and revenue. Expected EPS at $2.51 per share (-30.5% YoY) and revenues at $28.92 billion (-0.6% vs previous quarter). The estimates have been revised4.15% lower over the past month to the current level.
From a technical perspective, the stock has been in a downtrend channel that was formed in February when it gapped down on negative surprise for period ending December 2021. It has failed to break and hold above the daily 50 period moving average. Any poorer than expected earnings is likely to send the stock down to the bottom of the channel and retest $140, which was the low point of March 2020. On the contrary, if their earnings was better than expected, then it will likely break the 50 MA on the daily and test the top of the channel at around $190 level.
Meta Platforms Daily Chart
Meta Platforms Weekly Chart
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