[Citi: Meta’s third-quarter revenue and guidance are better than expected, maintaining a “buy” rating] On October 22, Citi released a report stating that Meta Platforms’ third-quarter revenue and fourth-quarter revenue guidance were better than expected. Total revenue in the third quarter was US$64.6 billion, a year-on-year increase of 26.1%. Excluding foreign exchange, it increased by 26.3% year-on-year, which was about 2% higher than market expectations. This was mainly driven by a 26% year-on-year increase in advertising revenue after excluding foreign exchange. Advertising display volume increased by 10% year-on-year, and pricing increased by 14% year-on-year. The company's fourth-quarter revenue guidance was US$73 billion to US$76 billion, with the midpoint being about 1% higher than market expectations. As the rise in Muse usage brings AI tailwinds, core advertising revenue momentum continues, and computing power improves, the bank maintains a "buy" rating on Meta with a target price of $895.