Meta is set to release its third-quarter earnings report after the closing bell Wednesday, with investors likely to be watching closely for more signs that its AI spending is paying off.

Compared to many of its big tech peers—some of which are also set to report this week—Meta Platforms (META) has been relatively successful in convincing investors to back its AI goals so far, though their continued support could depend on the company’s ability to show strong revenue gains in tonight’s report.

The Facebook, Instagram, and WhatsApp owner is seen reporting earning of $6.70 per share on record revenue of $49.55 billion, boosted by gains in its ad businesses, thanks in part to AI-driven improvements in its offerings for advertisers.

Why This Matters to Investors

Wednesday’s earnings report represent Meta’s next big test to show it’s made the revenue gains to justify its big spending to build out AI capacity.

The outcome of tonight’s report could drive a big move in Meta’s stock, with options pricing suggesting traders anticipate it could swing 6% in either direction by the end of this week following the results.

Shares of Meta have climbed nearly 30% in 2025 so far, and Wall Street analysts believe that the social media giant’s stock has further room to rise. The mean target of analysts surveyed by Visible Alpha near $873 would suggest roughly 16% upside from where the stock was trading at midday Wednesday.

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