原文标题： Meta shares jump 10% on stronger-than-expected revenue forecast 原文连结： https://www.cnbc.com/2026/01/28/meta-q4-earnings-report-2025.html 发布时间：Published Wed, Jan 28 2026 12:00 PM ESTUpdated 59 Min Ago 记者署名：Jonathan Vanian 原文内容： Meta reported fourth-quarter earnings on Wednesday that topped estimates and issued stronger-than-expected sales guidance. The stock popped as much as 10% in after-hours trading. Meta 於周三公布的第四季财报优於市场预期，并给出高於预期的销售指引，带动股价在 盘後交易中一度大涨多达 10%。 Here’s how the company did, compared with estimates from analysts polled by LSEG: 以下是 Meta 的实际表现与 LSEG 调查之分析师预估的比较： Earnings per share: $8.88 vs. $8.23 estimated 每股盈余（EPS）：8.88 美元，高於预期的 8.23 美元 Revenue: $59.89 billion vs. $58.59 billion estimated 营收：598.9 亿美元，高於预期的 585.9 亿美元 Meta said it expects first-quarter sales to come in the range of $53.5 billion to $56.5 billion, ahead of analyst estimates of $51.41 billion. Meta 表示，预期第一季营收将落在 535 亿至 565 亿美元之间，明显高於分析师原先预 估的 514.1 亿美元。 Finance chief Susan Li said that forecast was “really underpinned by the strong demand that we saw through the end of Q4 and continuing into the start of 2026.” 财务长 Susan Li 表示，这项预测「主要是建立在我们在第四季末看到的强劲需求，并且 这股需求延续到了 2026 年初」。 The company said fourth-quarter sales rose 24% year-over-year. The company said its advertising business generated revenue of $58.1 billion for the period. Advertising made up nearly 97% of the company’s overall revenue for the quarter. 公司指出，第四季营收年增 24%。其中广告业务在该季度贡献了 581 亿美元营收，广告 收入几乎占公司总营收的 97%。 Meta said that fourth-quarter daily active people came in at 3.58 billion, in line with Wall Street estimates. Meta 表示，第四季的每日活跃用户数（DAP）为 35.8 亿人，符合华尔街预期。 The social media giant said it expects the total expenses for 2026 to come in between $162 billion through $169 billion. 这家社群媒体巨头表示，预期 2026 年总支出将介於 1,620 亿至 1,690 亿美元之间。 Capital expenditures related to the company’s artificial intelligence push are expected to be in the range of $115 billion to $135 billion for 2026, ahead of analyst expectations of $110.7 billion for the year. 与 AI 投资相关的资本支出，预期 2026 年将介於 1,150 亿至 1,350 亿美元之间，高於 分析师预估的 1,107 亿美元。 It’s also nearly double how much Meta spent on CapEx in 2025, which came in at $72.2 billion, the company said on Wednesday. 这也几乎是 Meta 2025 年资本支出 722 亿美元的两倍。 Meta said the CapEx spending is due to “year-over-year growth driven by increased investment to support our Meta Superintelligence Labs efforts and core business.” Meta 表示，这些资本支出来自「为了支持 Meta 超级智慧实验室（Meta Superintelligence Labs）与核心业务而增加投资，所带来的年增成长」。 CEO Mark Zuckerberg said Meta will release its latest AI models “over the coming months.” 执行长马克・祖克柏表示，Meta 将在「接下来的几个月内」发布最新的 AI 模型。 “I expect our first models will be good, but more importantly, we’ll show the rapid trajectory that we’re on,” he told analysts on a call Wednesday, “And then, I expect us to steadily push the frontier over the course of the year, as we continue to release new models.” 他在电话会议中对分析师说：「我预期我们第一批模型会相当不错，但更重要的是，我们 将展示自己正在快速前进的轨迹；接着，在接下来的一整年中，随着新模型持续推出，我 们会稳定地推进技术前沿。」 The company spent a large chunk of 2025 overhauling its AI unit, investing $14 .3 billion in Scale AI as part of an effort to land the startup’s founder Alexandr Wang and several of his colleagues. 公司在 2025 年大幅重组 AI 部门，并投资 143 亿美元於 Scale AI，藉此延揽该新创公 司创办人 Alexandr Wang 及其多位核心成员。 Wang oversees Meta’s top-tier TBD unit that is tasked with developing powerful AI models. Wang 目前负责 Meta 的顶级 TBD 部门，该部门的任务是开发最先进、最强大的 AI 模型 。 The company set up TBD after its Llama 4 model launched to tepid response from developers last spring. Meta 是在去年春天 Llama 4 模型推出後反应平淡，才成立 TBD 这个新单位。 Meta has been testing a new frontier model and Llama successor code-named Avocado, and plans to release it during the first half of the year, CNBC reported. 据 CNBC 报导，Meta 正在测试一款代号为「Avocado」的新一代前沿模型与 Llama 接班 人，并计画在今年上半年发布。 The company’s Reality Labs unit logged an operating loss of $6.02 billion while generating $955 million in sales for the quarter. Reality Labs 部门本季营收 9.55 亿美元，但营业亏损达 60.2 亿美元。 Analysts were projecting Reality Labs to record an operating loss of $5.67 billion on $940.8 million in fourth-quarter sales. 分析师原本预测其营收约 9.408 亿美元、营业亏损约 56.7 亿美元。 Reality Labs now has nearly $80 billion in total operating losses since late 2020. Reality Labs 自 2020 年底以来，累计营业亏损已接近 800 亿美元。 Earlier this month, Meta laid off more than 1,000 Reality Labs employees who worked on VR-related initiatives… 本月稍早，Meta 裁撤超过 1,000 名 Reality Labs 员工，主要集中在 VR 相关专案，包 括内部工作室，以将资源转向 AI 与穿戴式装置（如 Ray-Ban Meta 智慧眼镜）。 Although Meta tech chief Andrew Bosworth said… Meta is not halting its VR efforts… 虽然 Meta 技术长 Andrew Bosworth 表示公司并未停止 VR 发展，但 Meta 在该产业中 的影响力已让部分开发者转趋保守，并引发「VR 寒冬」的担忧。 Meta on Wednesday said that it expects Reality Labs operating losses in 2026 to remain at similar levels to the year prior. Meta 表示，2026 年 Reality Labs 的营业亏损将与前一年大致相同。 Zuckerberg said he expects this year to be the peak of Reality Labs’ losses… 祖克柏指出，今年可能会是 Reality Labs 亏损的高峰，「未来将逐步缩小亏损」。 The company noted that regulatory and legal headwinds… could “significantly impact our business and financial results.” 公司警告，欧盟与美国的监管及法律逆风可能「对业务与财务表现产生重大影响」。 Meta said that various high-profile social media trials… “may ultimately result in a material loss.” Meta 表示，今年多起备受瞩目的社群媒体相关诉讼「最终可能导致实质性损失」。 心得/评论： 第四季近 97% 营收来自广告 显示 Meta 仍是一台极其高效的广告印钞机 AI 并非直接赚钱来源 而是强化广告精准度与变现能力的引擎 一家拥有全球最大广告现金流的 AI 超级资本体 or 诈骗集团 --

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