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The next two weeks will be big for social media stocks: Facebook Inc (NASDAQ:FB) is set to report earnings Wednesday, while Snap Inc (NYSE:SNAP) will report its first earnings report as a public company on May 10 after the close.
According to conversations with advertisers and marketing developers, Wells Fargo analysts are expecting strong first-quarter revenue results for both companies.
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Wells Fargo Expectations
“FB results [are] likely to be bolstered by continued marketer migration to video and Dynamic Ads and SNAP strength [is] likely to draw from pent-up marketer demand to test Snap’s relatively new ad capabilities as well as broadening availability of Snap Ads via the company’s advertising application programming interface,” said senior Wells Fargo analyst Peter Stabler.
Wells Fargo is maintaining $7.8 billion in revenue for Facebook, representing a 46 percent year-over-year increase. Analysts are upbeat about the company’s increasing investments in video content through revenue sharing and content licensing deals.
Snap’s first conference earnings call will be crucial for analysts to get some color on the company’s market opportunity, strategy, and competition according to Wells Fargo. Currently, the bank’s first-quarter revenue forecast is 8 percent above the Street consensus.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.