Meta is set to report its first-quarter earnings on Wednesday, and investors will be looking for any signs that President Donald Trump’s tough China tariffs are affecting the company’s online ads business.

Here is what analysts polled by LSEG are expecting:

• Earnings per share: $5.28 expected
• Revenue: $41.39 billion expected

Analysts expect Meta’s China-derived advertising business to feel the most pain from Trump’s tariffs. Online retailers such as Temu and Shein are slashing their U.S. ad spending, and China represented 11%, or $18.35 billion, of the Facebook parent’s total 2024 sales.

Meta’s 2025 advertising revenue could be affected by $7 billion if those China-linked companies continue shrinking their digital ad spending as a response to the U.S.-China trade dispute, MoffettNathanson analysts said in a research note published last week.

Analysts expect Meta to post $8.54 billion in Asia-Pacific sales for the quarter.

When Google reported first-quarter earnings last Thursday, company executives told analysts that it is likely the search giant will experience headwinds to its online ad business stemming from Asia. Regarding the broader economy, Google Chief Business Officer Philipp Schindler said “it’s still too early in the second quarter to have a more specific view of things.”

Intel Chief Financial Officer David Zinsner sounded more dire about the effect of U.S. trade policies on the economy when the chip giant on Thursday reported first-quarter earnings and issued weak guidance.

“The very fluid trade policies in the U.S. and beyond, as well as regulatory risks, have increased the chance of an economic slowdown, with the probability of a recession growing,” Zinsner said during an earnings call.

Investors will also be monitoring whether Trump’s tariffs will affect Meta’s big spending on artificial intelligence. Analysts expect Meta to log $14.32 billion in capital expenditures for the quarter.

Meta is expected to report 3.39 billion daily active people for the first quarter, according to analyst estimates.

Other tech companies that rely on online advertising will also report earnings this week. Snap will report earnings on Tuesday, followed by Reddit and Amazon on Thursday.

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