While discussing Meta Platforms Inc.’s META third-quarter earnings report, financial analyst Jim Cramer made a striking statement about CEO Mark Zuckerberg‘s marketing prowess.
What Happened: On Thursday, during a conversation on CNBC’s Squawk on the Street, Cramer and Scott Wapner discussed Meta’s potential for long-term growth.
During this time, Cramer suggested that tech leaders like Zuckerberg operate on a different level, stating, “These guys think different from you and me.”
“They have a view which just says we want to dominate in this area. So we are going to spend a little more than others and we will dominate,” he added.
Cramer then used Procter & Gamble as an example, stating that if the company wanted to make Tide a global brand, it would need to pay Zuckerberg a significant amount.
In return, Zuckerberg could target 1.6 billion potential customers currently deciding between Tide and other brands.
“He can target them,” Cramer said, referring to Zuckerberg’s ability to identify potential customers. “He knows who is trying to decide. I’ve never seen anything like it. He has your brain.”
Why It Matters: Meta reported third-quarter revenue of $40.59 billion, surpassing analyst expectations of $40.29 billion. Adjusted earnings for the quarter came in at $6.03 per share, exceeding the forecasted $5.25 per share.
Meta projects fourth-quarter revenue between $45 billion and $48 billion, compared to an estimated $46.31 billion. For the full year 2024, expected total expenses are revised to $96 billion to $98 billion, down from previous guidance of $96 billion to $99 billion.
Despite the positive earnings report, Meta witnessed a drop in stocks during the after-hours trading. However, in his earlier post, Cramer dismissed concerns about worsening AI losses, underscoring that the tech giant is thriving with AI advancements.
Price Action: At the time of writing, Meta shares rose 0.14% to $568.40 in after-hours trading, following a 4.09% drop to $567.58 during the regular session, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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