In the latest quarter, which ended on Sept. 30, 2023, Meta reported that ad impressions on its family of apps segment (which includes Instagram, WhatsApp, Messenger, and Facebook) grew 31% year over year, but the average price per ad declined by 6%.
Due to Meta's run-up in price over the past year, the stock is now trading at a price-to-earnings multiple of 33. That's a high multiple compared with the stock's five-year average, which includes some heavy discounts in 2022.
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