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Here’s Why Meta Platforms’ (META) Revenue Growth is Coming Down

Soumya Eswaran
·2-min read

Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. The US stock market started 2024 optimistically. In the first quarter, the fund returned 8.29% (gross) and 8.09% (net) compared to 11.41% for the Russell 1000 Growth Index and 10.56% for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Polen Focus Growth Strategy featured stocks like Meta Platforms, Inc. (NASDAQ:META) in its Q1 2024 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On April 18, 2024, Meta Platforms, Inc. (NASDAQ:META) stock closed at $501.80 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was -1.53%, and its shares gained 135.71% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $1.279 trillion.

Polen Focus Growth Strategy stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its first quarter 2024 investor letter:

"The largest relative detractors in the quarter were NVIDIA, Adobe, and Meta Platforms, Inc. (NASDAQ:META). Meta has been growing revenue above 20% on easy comparisons from the prior year, and its “year of efficiency” reduced expenses, which drove robust earnings growth in 2023. Much of this should continue in the first half of 2024. The data suggests that revenue growth should come down meaningfully from recent levels in the long term. As we see it, the questions now are how much and whether management maintains its expense discipline efforts, which will determine whether the company can continue to compound earnings at a 15%+ rate over time. We remain concerned with the company’s Metaverse investments, which continue to grow despite cost cuts in the core business and now exceed $20 billion per year."

A team of developers working in unison to create the company's messaging application.

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Meta Platforms, Inc. (NASDAQ:META) is in third position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Meta Platforms, Inc. (NASDAQ:META) was held by 242 hedge fund portfolios, up from 234 in the previous quarter, according to our database.

We previously discussed Meta Platforms, Inc. (NASDAQ:META) in another article, where we shared the list of best machine learning stocks to invest in. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.