Summary

• I know Meta’s stock is down after yesterday’s earnings, but I have a hard time complaining much as a shareholder.
• In 4Q’25, Meta’s ad revenue surpassed Google Search by ~$2.3 billion. In 1Q’26, the gap increased to almost $4 billion.
• Worldwide ad impressions grew by 19%, and average ad prices increased by 12%.
• I do want to highlight “other revenue,” which was growing ~50%+ YoY in recent quarters. In 1Q’26, other revenue growth accelerated to ~74%!
• Agents are the new buzzword in AI, but Zuckerberg mentioned that he is yet to see agents that are suitable for mass consumer use.

I know Meta’s (META) stock is down after yesterday’s earnings, but I have a hard time complaining much as a shareholder. I will discuss why the market may not share my enthusiasm later, but let

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