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<ul><li>The Indian smartphone market recorded a 5.6% growth in Q3 2024, with 46 million devices shipped.</li><li>Vivo emerged as the market leader, with a 15.8% market share.</li><li>Apple recorded its highest quarterly shipments in India in Q3 2024.</li></ul> <keyword id="10541246" type="General" weightage="100" keywordseo="indian-smartphone-shipments" source="Orion">Indian smartphone shipments</keyword> recorded a growth of 5.6% in Q3 2024, marking the fifth consecutive quarter to record growth. In Q3 2024, 46 million smartphones were shipped in India. According to a report by International Data Corporation (IDC), Cupertino tech giant Apple posted its highest quarterly shipments in India at 4 million units, led by iPhone 15 and iPhone 13. “Growth in the biggest quarter of the year was fueled by attractive discounts, multiple financing options, extended device warranty and cashback/bank offers across both online/offline channels. The launch of several new 5G smartphones also drove demand,” said Upasana Joshi, Senior Research Manager, Devices Research, IDC Asia Pacific. <h2>Smartphone Market Share Q3 2024</h2><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vivo </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.8% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.9% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oppo </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.9% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.9% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Samsung </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.3% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.2% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Realme </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.5% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.1% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Xiaomi </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.4% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.7% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apple </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.6% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.7% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Poco </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.8% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.7% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motorola </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.7% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.4% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">iQOO </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.2% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.2% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">OnePlus </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.6% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.2% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Others </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.2% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.0% </td></tr></tbody></table> Source: IDC <h2>Vivo leads the market</h2>Vivo has emerged as the market leader in Q3 2024, with a 15.8% market share, up from a 13.9% market share in Q3 2023. This marks the third consecutive quarter where the smartphone maker has led the Indian smartphone market. Vivo’s shipments have increased by 20% year-on-year. Oppo is second, with a 13.9% market share in Q3 2024, up from a 9.9% market share in Q3 2023. The company’s shipments have increased by 47.6% year-on-year. Samsung, which led the Indian smartphone market in Q3 2023 with a market share of 16.2% has been pushed down to the third spot with a 12.3% market share. The company’s shipments have declined by 19.7% year-on-year. Other notable changes include the increase in Apple’s market share from 5.7% to 8.2%, a decline in OnePlus’ market share from 6.2% to 3.6% and a 149% year-on-year increase in shipments recorded by Motorola. <h2>5G shipments on the rise</h2>The share of 5G shipments increased to 83% in Q3 2024, up from 57% in Q3 2023. Of the 46 million smartphones shipped, 38 million were 5G smartphones. This has been fueled by the decline in the average selling price (ASP) of 5G smartphones. The ASP has by 20% to $292 (approx. ₹24,650). “Cyclical dip in demand after the festive period and high shipments in 3Q24 will result in higher stock levels across channels in 4Q24. Thus, India's smartphone market is expected to exit 2024 with a low single-digit annual growth,” said Navkendar Singh, AVP – Devices Research, IDC. 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Indian smartphone shipments grow 5.6% in Q3 2024, Vivo leads the market

IT firm <keyword id="20282491" type="General" weightage="20" keywordseo="Happiest-Minds-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="Happiest Minds Technologies" meta.hostid="261" meta.entityid="Happiest Minds Technologies">Happiest Minds Technologies</keyword> reported a 24.83 per cent increase in consolidated net profits at Rs 71.98 crore for the quarter ended March 2024, and said it expects to encash on its newly launched GenAI business unit. According to a stock exchange filing, the company clocked a profit of Rs 57.66 crore in the year-ago period. Revenue from operations for the reporting quarter stood at Rs 417.29 crore, as against Rs 377.98 crore in Q4FY23, translating into a 10.4 per cent rise. Revenue for the quarter was led by the edutech vertical (22.3 per cent), followed by healthcare (16.1 per cent). Executive chairman Ashok Soota said the newly created Gen AI business unit, the creation of six new industry groups, and the successful closure of two acquisitions have put the company back on course towards accomplishing its 'long-term vision of USD 1 billion in revenues by FY31'. Annual profits saw a 7.53 per cent rise to Rs 248.39 per cent, as compared to the previous fiscal's Rs 230.99 crore. Revenue for financial year 2023-24 was at Rs 1,624.66 crore, a 13.66 per cent climb over FY23's Rs 1,429.29 crore. "Happy to report a full-year revenue growth in constant currency of 11 per cent and EBITDA of 24.6 per cent. I am proud of our performance, especially in the face of a challenging year faced by our industry. "Acquisition of PureSoftware Technologies and Macmillan Learning should help us in our growth story while delivering value to all our stakeholders," MD and CFO Venkatraman Narayanan said. He gave an estimated growth guidance of 35-40 per cent for FY25. Happiest Minds Technologies has signed a definitive agreement to acquire 100 per cent equity interest in PureSoftware Technologies for a total purchase consideration of Rs 779 crore. The acquisition is expected to be completed before May 31, 2024. The company's headcount as of Mar 31, 2024 was 5,168, at an attrition of 13 per cent. "For FY24, part of our headcount has come from the campus batch... our latest batch is ready for deployment... for fresher hiring, we are being agile in approach in going back to campus, we will take a call around August... Given the nature of digital space, there is wide range of technologies... and based on the demand, we do need to go and bring people on board," <keyword id="20282489" type="General" weightage="20" keywordseo="joseph-anantharaju" source="keywords">Joseph Anantharaju</keyword>, executive vice chairman, said. He further said the company's deal pipeline continues to be strong, "there was a dip in Q3 but Q4 was reflective of the changes that we made... our efforts around GenAI are really paying off". In October last year, the company established a new business unit, Generative AI Business Services (GBS). Soota said foray into GenAI is a transformational opportunity for the company. Anantharaju said the IT firm expects to see growth through account expansion and 'aggressive account mining'. Pre-tax profit (EBIT) at Rs 96.15 crore was up 21.18 per cent year-on-year. Soota, during the company's press conference, said FY25 is poised to be the company's best year since its IPO. The company recommended a final dividend of Rs 3.25 per equity share of Rs 2 each for the financial year ended March 31, 2024, subject to shareholders approval. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/indegene-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109888922.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/indegene-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109888922.cms" target="_blank">Indegene IPO: Company details to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a><a href="https://www.businessinsider.in/tech/news/asus-zenbook-duo-review/articleshow/109875023.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/asus-zenbook-duo-review/articleshow/109875023.cms" target="_blank">Asus ZenBook Duo review – an excellent dual-screen laptop for multitaskers</a>

Happiest Minds Tech Q4 profit up 25% to ₹72 cr, co hopes to see growth in GenAI vertical

<ul><li>We are not the only ones seeing a dichotomy between volumes and revenues, said <keyword id="10862" type="General" weightage="100" keywordseo="wipro" source="Orion">Wipro</keyword> CEO.</li><li>He expects its large deal <keyword id="2415150" type="General" weightage="50" keywordseo="tcv" source="Orion">TCV</keyword> of $1.3 billion wins to drive quality revenue next year.</li><li>The typical pyramid of large and small deals has evolved, and small deals in the market are much fewer. </li></ul> After Wipro posted a <a href="https://www.businessinsider.in/business/news/wipros-revenues-fall-2-pc-in-q2fy24-guides-for-a-steeper-fall-in-q3/articleshow/104527236.cms" data-type="tilCustomLink" target="_blank">sequential revenue fall</a> for the third consecutive quarter, its CEO <keyword id="3808309" type="General" weightage="50" keywordseo="thierry-delaporte" source="Orion">Thierry Delaporte</keyword> said that it will see a rebound in the next few quarters. This was after the company said that its upcoming quarter’s constant currency revenues could fall anywhere between 1.5-3%, after its Q2 revenues fell 2%. “We are not the only one seeing a dichotomy between volumes and revenues. For several years, we have seen growth and in the last few quarters what we are seeing is reflective of the industry,” Delaporte said at the company’s <keyword id="56260" type="General" weightage="60" keywordseo="Q2-earnings" source="Orion">Q2 earnings</keyword> press conference. Like many of its peers, the Bengaluru-based IT major reported rampdowns, furloughs and reductions – that’s resulted in revenue leakage. The company, which has a larger exposure to consulting business in the BFSI segment, was hit harder than its peers. The constant currency revenues of its strategic business unit Americas 1 (healthcare, consumer goods, retail and Latin America etc) grew by 0.9% QoQ, its Americas 2 unit (banking, manufacturing, hi-tech, utilities and Canada) fell by 2.6%. Europe saw a steep fall of 5.4% sequentially. “Given our strong order booking in Europe, we’re confident of a swift rebound,” said Delaporte. Top-heavy deal book The company’s total bookings for the quarter stood at $3.8 billion. Its large deal total contract value (TCV) stood at $1.3 billion – which is the highest it has seen in the last nine quarters. “Our large deals will drive quality revenue for the next year,” he said, adding that he derives confidence from the number of large deals they have booked. Yet, the total number of new customers for the quarter were at 49, which is much lower than the 65 in Q1. On a year on year comparison, its new customer number fell over a half from 128. Its total number of active customers also fell both sequentially and on an annual basis to 1,393. Explaining this, Delaporte said that the typical pyramid of large and small deals has evolved. “There are a lot less of the very very small deals. It’s our strategy that we want to reduce the number of small clients and focus on large accounts and grow them. Because, a very large number of small deals are not predictive,” he said. The company kickstarted a programme three years back to improve its margins. Even in a difficult quarter, the company said that it was able to deliver a 10 basis point improvement in operating margin to 16.1%. It also promised that it will remain range-bound without any guidance for the quarters ahead. The company said that it is confident of discretionary spending coming back to the system which will set it back on the track. “It’s very important for Wipro to keep focus on key elements of transformation,” said Delaporte.

Wipro CEO expects revenues to rebound in the next few quarters

<ul class="summary-list"><li>Wall Street analysts have high hopes for Meta's third-quarter earnings report on Wednesday. </li><li>Investors are keeping an eye on growth opportunities from AI. </li></ul>Wall Street analysts are upbeat ahead of Meta's third-quarter earnings report on Wednesday after the closing bell. Analysts generally expect positive revenue and earnings figures, thanks to the Facebook parent's AI ad optimization and the firm's <a target="_blank" class="" href="https://www.businessinsider.com/meta-reorganized-major-businesses-eliminated-roles-whatsapp-instagram-reality-labs-2024-10#:~:text=Meta%20has%20gone%20through%20several,%22efficiency%22%20would%20be%20permanent.&amp;text=As%20of%20March%2C%20Meta%20had,of%202022%2C%20BI%20previously%20reported.">sweeping cost cuts</a>, which included several rounds of layoffs in recent years and saw the firm backing away from some of its <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-cuts-spending-reality-labs-meta-report-2024-7">virtual reality projects</a>. Investors will be keeping a close eye on signs Meta can continue that growth, with the company <a target="_blank" href="https://affiliate.insider.com?h=4d0247c89eeec6faa3e72d5dee88e7c60fa1cc284a9699c5902f9e7a696dc773&amp;postID=6720fbaf3a35c2732d44c2bb&amp;postSlug=meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fmeta-develops-ai-search-engine-to-lessen-reliance-on-google-microsoft">reportedly</a> working on a new search tool that will surf the web for its AI chatbot. Wall Street is also looking for strong guidance for the current quarter, though analysts see potential for costs to come in higher than expected.Here's what analysts are saying ahead of the tech giant's earnings report. <h2 id="a8b0515c-9d85-4b4d-b1cf-6fce44552568">"Long-term story is as strong as ever": Bernstein</h2>Meta's long-run growth trajectory looks solid, according to Bernstein senior analyst Mark Shmulik. The stock is up 70% this year and is up 550% since bottoming in 2022."Near term risk and reward feels balanced," Shmulik wrote in a note, adding that the firm had a "perma-bull position on all things Meta.""But the long-term story is as strong as ever. As we look ahead we're constructive on the core business with an expected launch of ads on Threads, continued Reels ramp, more AI/Advantage+ ad tools offer investors top-line upside with a potential TikTok ban not currently priced in," he later added.The firm issued an "Outperform" rating on the stock and a $675 price target, implying 15% upside from current levels.<h2 id="dc7c6a08-8f5f-4c79-812c-4fa35a463037">"Uniquely well positioned to monetize search": JMP</h2>Meta's reported search engine could be a huge positive for the company, JMP analysts said in a note."Meta is uniquely well positioned to monetize search given its 200M+ active SMBs and 12M+ active advertisers," the firm wrote. "To that end, we believe Meta could offer a compelling commercial experience for search given its existing advertiser and SMB relationships while also using search intent signal to power its core advertising product on Facebook and Instagram."The search tool, though, could raise capital expenditures and costs, analysts said, possibly by more than investors are expecting. The firm issued an "Outperform" rating on the stock and a $635 price target, implying an 8% increase from current levels.<h2 id="3ae15c9a-d200-4592-ae15-3f19e716186b">"Top AI pick": Bank of America</h2>BofA analysts expect a "modest" earnings beat from the tech giant on Wednesday. They forecast the firm to report as much as $47.5 billion in revenue, which would represent an 18% year-over-year increase.Meta is a "top AI pick," the analysts added, pointing to a handful of tailwinds, like strong growth in Meta's AI-powered ads business, continued growth among younger users, and more AI growth opportunities in general."Our checks suggest Meta could see strength from: 1) new AI tools and new CRM integration driving higher ROI and incremental ad spend, 2) ramping messaging and Reels monetization, and 3) modest (100-200bps) political ad spend benefit," analysts wrote.The bank reiterated its "Buy" rating and $630 price target on the stock, implying 7% upside from current levels.<h2 id="2fdf202a-5a5b-4d15-a99d-48ed4f86b7d1">"Clear leader in social media": Morningstar</h2>Meta is a "<a target="_blank" href="https://affiliate.insider.com?h=8e3a91b023e95d600e3f54d96021a46339a33c3d1cf4d2a1d57384a4edc6bc4a&amp;postID=6720fbaf3a35c2732d44c2bb&amp;postSlug=meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.morningstar.com%2Fstocks%2Fraising-fair-value-meta-stock-ai-ad-leadership">clear leader</a>" on an "unmatched scale" in the social meaning space, Morningstar said in a recent note, pointing to the firm's 4 billion monthly active users across its applications.Investors though, are keeping hawkish eye over signs Meta can sustain its growth, according to Dave Sekera, Morningstar's chief US market strategist."The market is going to be listening for any update on capex spending, specifically on generative AI. I'd really like to hear from them more specifically about how and when they will be able to monetize that spending. That's the big question for Meta," Sekara said. "Other than that, I'll be listening for an update on growth and digital ads; they had a big benefit from ad spending in Temu and Shein over the past couple quarters, so the question is whether that growth will continue or will it start to slow."The firm previously issued a 3-star rating for the stock and a fair value of $560, implying 5% downside from current levels.<h2 id="b7a7a27b-67d4-4195-b1a2-3e4d05b93099">"A tough bar to surpass": CFRA Research</h2>Meta could face challenges ahead due to the risk that growth decelerated in the last quarter, CFRA Research said."META has a tough bar to surpass in upcoming Q4 2024 and Q1 2025. We estimate Q3 growth decelerated to 18% from 22% in Q2 and see further deceleration to 15% in Q4 2024 and 13% in Q1 2025," CFRA senior equity analyst Angelo Zino wrote. He added that the challenge in the coming quarters will be to keep up with strong growth compared to the year-ago quarters. "We think year-over-year deceleration is due to lapping strong growth from China-based advertisers as well as strong Reels impression growth from a year ago. Still, we think digital ad trends remain healthy, with broad-based health across most regions and verticals," Angelo Zino, a senior equity analyst at CFRA, wrote.CFRA raised its price target on the stock to $650 a share, implying 11% upside.

Wall Street is bullish on Meta earnings as analysts eye an AI boost for the tech titan

<ul class="summary-list"><li>The S&amp;P 500 has enjoyed a bull market since October 2022, rising nearly 70%.</li><li>LPL Financial's Quincy Crosby expects the rally to continue into 2025.</li></ul>The stock market has been experiencing a bull market for the last two years.The S&amp;P 500 bottomed in October 2022 and has gained nearly 70% since then.It's safe to say that the economy is on much better footing than it was two years ago. Although there are still concerns about rising prices, headline inflation has markedly improved from the 8.2% level that consumers were experiencing back then.<div type="image" title="Strong S&amp;P500 appreciation over the last two years" height="377" width="676" msid="114397005" hostid="261" sizebytes="14026"></div>Now, as election and geopolitical tensions cause volatility, the question is whether this winning streak will continue for a third year and into 2025.Quincy Crosby, LPL Financial's chief global strategist, believes it will."There's no compelling reason that this bull should surrender to the always lurking bear, especially with an accommodative Federal Reserve, solid economic underpinning, and an earnings outlook poised for stable growth," Crosby wrote in a note.<h2 id="97136535-3e84-4462-b401-6e41cd366c5e">3 reasons for a third year</h2>Bull markets don't die of old age, according to Crosby. External factors such as a recession, increasing interest rates, poor performance from corporate America, and geopolitical shocks are what usually halt a stock market runup.Luckily, Crosby doesn't see room for those concerns.As companies begin to report their third-quarter results, it's clear that the earnings of the market's biggest companies are strong. And it seems like the earnings season is off to a good start: the big banks such as JPMorgan Chase, Goldman Sachs, and Wells Fargo all beat consensus earnings estimates.The Magnificent Seven drove much of the returns for the S&amp;P 500 this year, contributing 34% of the index's total return. Now, the market is slowly broadening and bringing even more companies into the fold.According to Morningstar category data, investors are increasingly pulling money out of the technology sector and investing in areas like real estate, consumer defensive, and utilities.Analysts expect S&amp;P 500 companies to report 4.2% profit growth for Q3. Crosby expects corporate earnings to rise throughout 2025, boosted by robust operating margins and increased consumer spending.Earnings for non-tech companies are catching up, too. According to Jack Ablin, the chief investment officer at Cresset Capital Management, the other 493 are projected to grow profits by double digits in the first quarter of 2025.Crosby is also optimistic that the Federal Reserve will successfully engineer a soft landing, bolstering the economy and encouraging consumer confidence. Goldman Sachs and prominent economists have reduced the probability of a recession within the next year to just 15%, the average likelihood of a downturn in any given year. And if the labor market shows signs of weakness in the coming months, Crosby has faith that the Fed will cut rates more aggressively to stimulate the economy.The September retail sales report revealed an increase of 0.4% last month, beating the consensus prediction of 0.3%, and providing yet another indicator of a solid economy.Fed Chairman Jerome Powell has caveated that the path to lower inflation could be "bumpy," but Crosby believes the economy is trending in the right direction.Lastly, historical precedent is on the bull market's side. Ever since World War II, bull markets that have lasted two years continue onwards for a third.Concerns about the election impacting the market are also overblown, according to Crosby."There's a focus on election year 'uncertainty' rather than the 'certainty' the market historicallyenjoys once the election is over, and the market concludes the year during the most hospitable period in terms of seasonality," Crosby wrote.While stocks do tend to be more volatile in the three months leading up to Election Day, Buchbinder points out that the S&amp;P 500 Index ends the year higher 83% of the time. Markets also often exhibit a fourth-quarter rally after the election results bring increased stability, meaning that these seasonality trends support a continuation of the bull market.

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