Meta/Facebook

Below is the Follow-up Call Trans for $Meta Platforms(META.US). For earnings commentary, refer to Dolphin Research's review (original review) and the earnings call recap (original review).

1) Key takeaways: Muse currently monetizes only via subscriptions, with transactions/ads and other channels to follow once the user base and Connect partners reach scale. In the U.S., 20%+ of Muse users are high-value, with annual ARPU above $1,000...

Hi everyone, this is Dolphin Research! Compared with last quarter’s awkward report card, this time $Meta Platforms(META.US) delivered results that let investors breathe easier. Core revenue, profit excluding one-offs, and Q4 guidance all beat estimates.

However, on the 2027 guidance the market cares about, there weren’t many quantitative details. Expectations of potential equity financing will also keep longs sober amid optimism. Meta usually hosts a small callback meeting after the main earnings call...

Muse has amassed over 10 mn registered users in the US and Canada roughly six weeks post launch. DAU penetration is ~25%, and Q4 revenue guidance is $73–76 bn.

Meta launched Muse on Sep. 8. Each Muse runs on a dedicated virtual machine, the Muse Secure VM, which stores both the agent and user data. Long-running jobs keep executing even after the app is closed, then re-engage the user when something changes or an approval is needed.

$Meta Platforms(META.US) Since Muse's US launch on Sept 8, it has been live for over two weeks. Dolphin Research shared an initial quick take, but as user reviews piled up, interest stayed high in recent days. As of today, Muse still ranks No.1 on the iOS US free download chart.

Hi everyone, this is Dolphin Research. As the spark for the latest 'excess compute, supply chain peak' narrative, $Meta Platforms(META.US) posted results likely to disappoint all sides.

Meta 2Q26 Earnings call

After $Meta Platforms(META.US) began weighing compute leasing, it stoked worries that the compute supply chain may be peaking. While the market debated whether this was a stopgap or a long-term strategy, Meta answered with three concrete moves: it is serious about the compute biz.

Expanding data centers is the most straightforward prep. Mass-producing in-house ASICs aims to cut cost and lift ROI.

The newly launched LLM, Muse Spark 1.1, is the true upside surprise in Dolphin Research's view. These three changes will likely push near-term Capex higher...

Last week, Bloomberg reported that $Meta Platforms(META.US) is building a cloud infra biz and plans to lease compute externally.

The following is a transcript of the FY26Q1 earnings call for $Meta Platforms(META.US), compiled by Dolphin Research.