• Meta reports its third quarter results after the closing bell on Wednesday.
• The company is expected to report revenue of $40.25 billion.
• Meta stock is up nearly 70% in 2024.

It’s a big day for one of Wall Street’s biggest tech titans.

Meta will report its third-quarter results after the closing bell, and Wall Street is feeling optimistic as the results approach.

Analysts are bracing for another strong quarter of revenue and profit for parent company Facebook, thanks to the company’s use of AI in its advertising business and radical cost reductions implemented over the past year.

Shareholders will keep an eye out for updates on Meta’s future growth prospects, with a focus on the company’s fourth-quarter guidance, as well as a search engine Meta is reportedly working on to complement its chatbot AI.

Meta shares rose as much as 2% early Wednesday, before paring gains to trade essentially flat. The stock is up 68% since the start of the year.