市场资讯及洞察
Expected earnings date: Wednesday, 28 January 2026 (US, after market close) / early Thursday, 29 January 2026 (AEDT)
Key areas in focus
Advertising (Family of Apps)
Advertising remains Meta’s dominant revenue driver. AI-driven ad targeting, Reels monetisation, and engagement efficiency can be important contributors to revenue growth and may support advertiser outcomes, noting results can vary by advertiser, format, and market conditions.
User engagement and monetisation
Engagement trends across Facebook, Instagram, WhatsApp, and Threads remain closely watched as indicators that can influence monetisation assumptions and medium-term expectations.
Artificial intelligence
Meta views AI as a foundation for content discovery, advertising performance, and the development of generative tools. Markets may continue to evaluate whether AI-driven gains offset the level of infrastructure and data centre investment required to support these projects.
Reality Labs
Reality Labs remains loss-making. Management continues to frame AR/VR and metaverse-related platforms as long-term strategic investments, while acknowledging continued operating losses and a drag on earnings performance.
What happened last quarter
Meta’s most recent quarterly update highlighted strong revenue growth alongside ongoing investment themes.
The company’s reported (GAAP) net income and EPS reflected a one-time, non-cash income tax charge disclosed in the earnings materials, while management commentary also emphasised cost discipline and investment priorities.
Operating margins expanded year-on-year, despite elevated AI-related investment.
Last earnings key highlights
- Revenue: US$51.24 billion
- Earnings per share (EPS): US$1.05 (GAAP)
- Advertising revenue: US$50.08 billion
- Operating margin: 40%
- Reality Labs operating loss: about US$4.43 billion
How the market reacted last time
Meta shares fell in after-hours trading after the release. Commentary at the time highlighted strong top-line outcomes, alongside investor focus on the outlook for spending and the pace of AI and infrastructure investment.
What’s expected this quarter
Bloomberg consensus points to continued year-on-year revenue growth, led by advertising, with operating margins expected to remain elevated despite ongoing AI and infrastructure expenditure.
Bloomberg consensus reference points (January 2026)
- Revenue: about US$41 to US$43 billion
- EPS: about US$4.80 to US$5.10 (adjusted)
- Advertising growth: high-teens year on year (YoY)
- Operating margin: expected to remain above 40%
- Capital expenditure (capex): elevated, reflecting AI and data centre investment
*All above points observed as of 23 January 2026.
Expectations
Sentiment around Meta Platforms may be sensitive to any disappointment around advertising demand, margin sustainability, or the scale of ongoing investment in AI and Reality Labs.
Recent price action suggests that some market participants appear to be pricing in a relatively constructive earnings outcome, which can increase sensitivity to negative surprises.
Listed options were pricing an indicative move of around ±3% based on near-dated options expiring after 28 January and an at-the-money options-implied ‘expected move’ estimate.
Implied volatility was about 31% annualised into the event, as observed on Barchart at 11:00 am AEDT on 23 January 2026.
These are market-implied estimates and may change. Actual post-earnings moves can be larger or smaller.
What this means for Australian traders
Meta’s earnings may influence near-term sentiment across US technology indices, particularly the Nasdaq, with potential spillover into broader global equity risk appetite and index-linked products traded during the Asia session after the release, which can be volatile and unpredictable following earnings events.
Important risk note
Immediately after the US close and into the early Asia session, Nasdaq 100 (NDX) futures and related CFD pricing can reflect thinner liquidity, wider spreads, and sharper repricing around new information.
Such an environment can increase gap risk and execution uncertainty relative to regular-hours conditions.
USD was notably weaker in Thursday’s session ahead of the pivotal NFP report on Friday. The US Dollar index falling for the fifth straight session and breaking below 103 to touch on the Jan 24 lows before finding some support. Risk-on sentiment, a fall in yields and weak jobless claims data being the main drivers of the Greenback decline.
JPY saw strong gains against the USD on the back of hawkish BoJ Speak from Governor Ueda and Board Member Nakagawa, also helped by a tightening in US10Y-JP10Y yield differential. USDJPY continuing its break below the psychological 150 level to hit a low of 147.59. EUR also outperformed vs. the Greenback with EURUSD breaking through the key 1.09 level and entering APAC at NY session highs at 1.0948.
Thursdays ECB policy meeting saw the central bank maintaining rates, as expected, whilst slashing its inflation forecasts which now sees 2025 headline inflation at the 2% target. This “dovish” tone saw EUR initially being the worst performer, before EURUSD benefitted from the accelerating in USD selling during the US session. Gold continued its steep rally for a seventh straight session, again setting new all-time highs in doing so.
A fall in yields, a weaker USD and a desire for safe havens pushing the precious metal above 2160 USD an ounce.
Risk off returned to the markets in Tuesdays session with US equity markets pulling back sharply led by tech stocks with the NASDAQ being the biggest loser, shedding 1.65%. The big headline for the day in FX was gold touching on all-time highs, rallying for a fifth straight session, buoyed by haven flows and a drop in US treasury yields. XAUUSD RSI reading in extreme overbought territory at over 78, the highest level since the blow off top in March 2022.
JPY was the G10 outperformer with USDJPY pushing briefly below the key 150 level after a hotter the expected Tokyo inflation print. Yen was also helped by more jawboning out of currency diplomat Kanda who said that markets must brace for higher interest rates environment. AUD and NZD saw marginal losses against the greenback, with AUD modestly outperforming the Kiwi.
In the APAC session both currencies were softer amid disappointment out of China which weighed on sentiment before recovering somewhat in the US session. AUDUSD briefly dropped below 0.65 and hit a low of 0.6478 before finding support to head into the APAC session above 0.65. NZDUSD pushing below last week's RBNZ-led low and 200DMA at 0.6076 to make a low at 0.6072 before recovering to trade above the key support at 0.61.
Broadcom Inc. (NASDAQ: AVGO) wasn’t the only company releasing the latest earnings report on Thursday. World’s second largest supermarket chain Costco Wholesale Corporation (NASDAQ: COST) also announced their results after the closing bell on Wall Street. Costco reported revenue of $57.33 billion vs. $59.111 billion expected.
Revenue rose by 5.7% year-over-year. Earnings per share (EPS) was reported at $3.92, which was above Wall Street estimate of $3.64 per share. EPS increased by 18.78% vs. the same period the year prior.
Company overview Founded: September 15, 1983 Headquarters: Issaquah, Washington, United States Number of employees: 316,000 (2023) Industry: Retail Key people: Hamilton E. James (Chairman), W. Craig Jelinek (President and CEO) Stock reaction Broadcome was up by 1.60% before the earnings call, trading at $785.59 a share.
Shares rose to a new all-time high of $787.08 during the session. The stock was down by around 4% post market after the latest results were announced. Stock performance 5 day: +4.99% 1 month: +7.85% 3 months: +27.83% Year-to-date: +18.32% 1 year: +62.87% Costco stock price targets Oppenheimer: $805 Telsey Advisory Group: $785 Wells Fargo & Company: $675 The Goldman Sachs Group: $749 Loop Capital: $755 Tigress Financial: $745 Northcoast Research: $620 Raymond James: $670 UBS Group: $725 BMO Capital Markets: $700 DA Davidson: $600 Stifel Nicolaus: $675 Citigroup: $630 Evercore ISI: $650 JP Morgan Chase & Co.: $605 Costco Wholesale Corporation is the 26 th largest company in the world with a market cap of $346.60 billion, according to CompaniesMarketCap.
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Broadcom Inc. (NASDAQ: AVGO) announced its latest financial results after the US market closed on Thursday. The US tech giant achieved revenue of $11.961 billion in the first quarter of fiscal year 2024 (up by 34% year-over-year) vs. $11.759 billion estimate. Earnings per share was reported at $10.99 (up by 6.38% year-over-year) vs. $10.368 per share expected.
The company announced a quarterly dividend of $5.25 a share. Company overview Founded: 1961 Headquarters: San Jose, California, United States Number of employees: 20,000 (2023) Industry: Semiconductor, computer software Key people: Henry Samueli (Chairman), Hock Tan (President and CEO) CEO commentary Hock Tan, CEO of Broadcom had this to say in a letter to investors: "We are pleased to have two strong drivers of revenue growth for Broadcom in the first quarter and fiscal year 2024. First, our acquisition of VMware is accelerating revenue growth in our infrastructure software segment, as customers deploy VMware Cloud Foundation.
Second, strong demand for our networking products in AI data centers, as well as custom AI accelerators from hyperscalers, are driving growth in our semiconductor segment." "We reiterate our fiscal year 2024 guidance for consolidated revenue of $50 billion and adjusted EBITDA of $30 billion," Tan looked at the year ahead. Stock reaction Shares ended Thursday’s session up by 4.22% before the results were announced, trading at $1,407.01 a share. The stock dipped by around 3% in the after-hours trading.
Stock performance 5 day: +7.19% 1 month: +9.35% 3 months: +51.15% Year-to-date: +24.88% 1 year: +123.92% Broadcom stock price targets Mizuho: $1,550 Rosenblatt Securities: $1,500 Cantor Fitzergald: $1,600 Oppenheimer: $1,500 Susquehanna: $1,550 UBS Group: $1,480 The Goldman Sachs Group: $1,325 Citigroup: $1,100 TD Cowen: $1,000 Truist Financial: $1,015 KeyCorp: $1,200 Evercore ISI: $1,050 Robert W. Baird: $1,000 Deutsche Bank: $950 Wells Fargo & Company: $900 Broadcom Inc. is the 11 th largest company in the world with a market cap of $646.85 billion, according to CompaniesMarketCap. You can trade Broadcom Inc. (NASDAQ: AVGO) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform.
To find out more, go to "Trading" then select"Share CFDs". GO Markets offers pre-market and after-market trading on popular US Share CFDs. Why trade during extended hours?
Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: Broadcom Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
AutoZone Inc. (NYSE: AZO) announced Q2 fiscal 2024 results before the US opening bell on Tuesday. The largest US retailer of aftermarket automotive parts and accessories achieved revenue of $3.859 billion in the quarter, which topped analyst estimate of $3.846 billion. Earnings per share (EPS) reached $28.89 vs. $26.296 per share expected.
Both revenue and EPS increased by 4.6% and 17.2% year-over-year respectively. AutoZone opened 29 new stores in the United States (19), Mexico (6) and Brazil (4) during the quarter. 3 stores were closed in the United States. The company has 7,191 stores in the Unites States (6,332), Mexico (751) and Brazil (108) as of 10/2/24.
Company overview Founded: 1979 Headquarters: Memphis, Tennessee, United States Number of employees: 119,000 (2023) Industry: Retail Key people: William C. Rhodes III (Chairman, President, & CEO), Jamere Jackson (CFO) CEO commentary "I want to thank our AutoZoners for delivering solid earnings in our second fiscal quarter. Their commitment to delivering superior customer service again drove our very solid quarterly performance.
While a difficult holiday comparison for both Christmas and New Year’s negatively impacted quarterly sales performance, we continue to be encouraged with our sales initiatives, and believe we are well positioned for future growth. Additionally, we are pleased with our international business as we delivered another quarter of double-digit growth. We remain committed to prudently investing capital in our business, and we will be steadfast in our long-term, disciplined approach to increasing operating earnings and cash flows while utilizing our balance sheet effectively," Phil Daniele, CEO of the US company said in a statement to shareholders.
Stock reaction Shares rose to a new all-time high following the release of the latest results. The stock was up by over 5% at $2,926.32 a share. Stock performance 5 day: +8.67% 1 month: +3.21% 3 months: +12.59% Year-to-date: +13.31% 1 year: +17.83% AutoZone stock price targets Wedbush: $2950 Barclays: $2779 Morgan Stanley: $2900 Raymond James: $3100 Stephens: $3070 Truist Financial: $3027 TD Cowen: $2975 Oppenheimer: $2600 Argus: $2920 JP Morgan Chase & Co.: $2975 Evercore ISI: $2750 DA Davidson: $2500 UBS Group: $2900 Bank of America: $2465 AutoZone Inc. is the 360 th largest company in the world with a market cap of $50.55 billion, according to CompaniesMarketCap.
You can trade AutoZone Inc. (NYSE: AZO) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform. To find out more, go to "Trading" then select "Share CFDs". GO Markets offers pre-market and after-market trading on popular US Share CFDs.
Why trade during extended hours? Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: AutoZone Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
热门话题
日本央行在周二做出了历史性的决定，废除了全球范围内最后一个负利率政策，并且自2006年以来首次提高了利率。这一举措标志着日本央行对国内经济的信心，同时也反映出其在应对全球金融环境变化中的策略调整。通过结束长达17年的超低利率时代，日本央行旨在正常化其货币政策，同时管理通胀预期和促进经济的稳健增长。这一决策对国内外投资者都传递了强烈信号，预示着可能对全球金融市场产生重要影响。
我们先来回顾一下日本经济近30年的一个发展。在20世纪90年代末，日本经历了其历史上最大的资产泡沫破裂后，日本央行从1991年开始采取降息措施，用了超过两年的时间将利率从6%下调至1.75%。由于在同一时期美国也处于降息周期，因此这一措施并未取得预期的效果。到了1995年，日本采取了紧急措施，同时实施货币政策和财政政策：央行将利率降至0.5%，政府开始执行大规模的基础设施建设项目以刺激需求和促进国内消费，经济随之出现回暖迹象。然而，这一期间并未能解决信贷膨胀和坏账等根本性问题。1997年，日本银行和保险公司的破产潮开始，导致1998年民间贷款数量大幅下降，市场资金减少。从1998年开始，日本陷入了通货紧缩的恶性循环：需求减少导致不得不降价销售，进而导致物价下降、企业营业额和利润减少，人们收入降低，需求进一步减少。1999年，日本首次实施了零利率政策，并开始大量发行国债，注入第二剂强心针。2001年至2006年，日本实行量化宽松政策，直到经济出现好转，停止了量化宽松，利率得以恢复。然而，2008年的全球金融危机加上2011年福岛核电站事故，使日本再次面临重大危机。
2012年，安倍晋三和黑田东彦携手为日本经济注入了第三剂也是最强烈的一剂强心针，采用了安倍经济学的三支箭政策。其主要措施包括大规模的量化和质化宽松（QQE），通过市场操作控制短期和长期利率，尤其是通过购买国债来刺激长期贷款；以及承诺在消费者价格指数同比上涨超过2%的目标并保持在此水平以上之前，将继续扩大货币基础。从日本央行的资产负债表可以看出，自2013年起，其规模呈指数级增长。尽管采取了QQE和负利率政策，期望能激发经济活力，但由于人口老龄化和市场恐慌情绪的影响，这一政策并未完全达到预期效果。到了2016年，收益率曲线控制（YCC）政策开始实施，并继续其量化宽松政策的一部分。
随着2020年新冠疫情全球爆发，导致全球GDP、需求以及出口大幅下跌，日本政府发现先前的经济刺激措施未能达到预期效果。面对这种情况，日本政府采取了史无前例的强力经济刺激措施，包括发行大量国债（导致国债占GDP的比例急剧上升）和大规模印钞（进一步扩大了资产负债表），同时直接向市场注入了近1万亿美元的流动性。这些措施伴随着全球供应链的混乱和世界各大工厂重新启动，帮助出口回升并降低了失业率。此外，2022年俄乌战争引发的能源危机导致油价上涨，给日本带来了输入型通货膨胀，使得通货膨胀率上升至4%。
（source：VOA）说回到这次加息，日本央行的决定废除负利率体现了其对国家摆脱长期通缩困境充满了信心。同时，央行放弃了自2016年起实行的收益率曲线控制策略（YCC），并且停止购买风险资产。那这里解释一下什么是YCC。收益率曲线控制（Yield Curve Control，YCC）是一种货币政策工具，旨在通过央行的干预来控制长期利率的水平。这种策略的核心思想是，央行通过承诺买卖无限量的政府债券，来控制某一特定期限（如10年期）的国债收益率，从而影响整体的利率环境。通过这种方式，央行试图对经济进行更广泛的影响，包括刺激经济增长、控制通货膨胀，以及影响货币汇率。解释完YCC，继续刚刚话题。虽然停止了YCC，但是央行仍将按照先前相似的规模购入政府债券，并承诺在收益率急剧上升时增加购买量，以避免借贷成本的激增。日本央行暗示未来的加息步伐将是温和的，并预期将“短期内维持宽松的财政环境”。决策发布后，市场和传统经济学的逻辑背道而驰。（通常加息会导致货币升值，并且利空股市）日本股市上扬，并且创了历史高，而日元兑美元也开始暴跌，美日直逼151。
（Source：TradingView）综合来说，市场解读这一举措为日美利率差不会缩小的信号。美国将会温和降息，日本将会温和加息。那么日元定价还是应该符合预期的150左右。所以在之前加息消息出来之前，日元已经提前涨了，但是这次相对鸽派的消息出来后，日元又跌回去了。隔天市场情绪升温，日元继续暴跌，美日直逼152。日经指数也在周四创下新高的40700.
（Source：TradingView）随着黑田东彦时代的宽松货币政策接近尾声，市场、分析师和公众的关注点转向了日本央行何时会进一步提高利率。商业银行已开始计划自2007年以来首次上调某些存款利率。野村证券和法国巴黎银行预计央行将在年底前加息。自2013年起，日本央行推出了大规模的资产购买计划，初衷是在两年内将通胀率推升至2%。然而，由于通胀温和，2016年央行引入了负利率和收益率曲线控制策略，以期使其刺激计划更为持久。
去年，由于日元大幅贬值增加了进口成本，并加剧了对日本超低利率政策的质疑，央行调整了其收益率曲线控制策略，放宽了对长期利率的控制。尽管如此，债券收益率的飙升仍然是一个风险，因为它会增加日本庞大公共债务的融资成本，目前这个债务规模已经是其GDP的两倍，居发达国家之首。再加上停止廉价资金供应也可能冲击全球金融市场，主要原因是日本投资者可能将其海外投资资金回流回国内。当然去年的日元贬值也使得日本出口激增，特别是去年的日系车，大家都在疯抢。疫情之前被抢走的出口份额被疯狂的抢回。同时，日本旅游业和地产也发光发热，吸引了不少海外游客和投资者。
尽管央行已经缩减了刺激措施，但它下调了对经济的评估，并警告消费有疲软的存在。央行指出，通胀预期还未稳定在2%目标，暗示相比其他央行，日本央行可能会更慢地加息。一旦日元开始升值，那么对于进出口势必造成影响，对于投资风向也可能转变，套息交易的游戏规则即将发生改变。后续的市场发展其实还是很大可能还是回归传统逻辑，加息后日元升值，美日开始下跌。不过就是需要时间和一定的空间，投资者们可以提前布局准备。免责声明：GO Markets 分析师或外部发言人提供的信息基于其独立分析或个人经验。所表达的观点或交易风格仅代表其个人；并不代表 GO Markets 的观点或立场。联系方式：墨尔本 03 8658 0603悉尼 02 9188 0418中国地区(中文） 400 120 8537中国地区(英文） +248 4 671 903作者：Neo Yuan | GO Markets 悉尼中文部