Citi released a research report stating that Meta's first-quarter results this year exceeded expectations, with a total revenue of $56.3 billion, mainly driven by growth in advertising revenue.

The guidance for the second quarter emphasizes continued momentum in advertising, with a revenue forecast range of $58 billion to $61 billion, and the midpoint aligning with market consensus. The group maintains its expenditure guidance range for this year at $162 billion to $169 billion, and has raised its capital expenditure guidance by approximately $10 billion, reaching $125 billion to $145 billion, with the midpoint about 9% higher than the bank's forecast. During the earnings conference call, the bank's key focus areas included: the evolution of Meta's artificial intelligence model strategy following the launch of the multi-modal AI Muse Spark; improvements in ranking and recommendation mechanisms to continuously increase user engagement; advertising innovation to boost revenue, agent-based commerce and commercial AI, as well as the potential of the Manus acquisition; computing capacity demands and strategies; productivity enhancement, and approximately 10% layoffs to fund greater investments in artificial intelligence. The bank assigns a target price of $850 to Meta, with a "buy" rating.