META - Building the Next $20B+ High-Margin Revenue Segment One Subscription at a Time; Maintain Buy

研报英文原文证据摘录

META - Building the Next $20B+ High-Margin Revenue Segment One Subscription at a Time; Maintain Buy

Truist Securities

Equity Research Report June 9, 2026

TMT: Internet Meta Platforms, Inc. (META)

META - Building the Next $20B+ High-Margin Revenue Segment Youssef Squali

212-303-4180 One Subscription at a Time; Maintain Buy

Youssef.Squali@truist.com

Robert Zeller We remain constructive on META as the company continues to outgrow the digital ad

212-319-3917 market but also diversify into new revenue streams including subscriptions. This note is a

Robert.Zeller@truist.com deep dive into the subscription opportunity, with Meta's recent launch of several consumer-

focused “Plus” tiers for its flagship apps (FB, IG, WhatsApp and Meta AI), giving users extra

Nicholas Cronin personalization, engagement, and audience control features. We estimate subscriptions

212-326-6149 could generate $20B+ in high-margin revenue by FY30 (~5% of total revenue), helping Meta

Nicholas.Cronin@truist.com grow faster for longer. Our revenue build is based on an average penetration level of total

users that’s similar to Google’s at ~3% today.

Stock Rating BUY Meta’s looking to build a substantial subscription business. While Meta has

Unchanged successfully relied on ads to deliver a revenue CAGR of ~45% over the last 15

years, becoming the second largest advertising platform behind Google (GOOGL, Buy),

Price Target $840.00 management has more recently been focusing on building additional revenue sources to

Unchanged complement and diversify its revenues to continue to grow faster for longer. These additional

revenue sources are also meant to support the company's massive Capex investment in

pursuit of AI superintelligence. One such area is hardware with Meta AI glasses and VR