 Welcome traders to another TickMill earnings season preview with me, Patrick Munnerley. Before we jump into today's report, as always, I want to adhere to the risk disclaimer. Most pertinent to today's presentation is the fact the views and opinions expressed by me are solely mine and not addictive or representative of those held by TickMill UK or TickMill Europe Limited. Okay, let's jump into today's report. We are looking at Facebook parent meta platforms that set to announce earnings after the close of trade in New York this evening. Looking for an EPS of 2.021 on revenue of 27.669 billion. I would say there is a whisper number on the street that the EPS could come in as high as 214. Mida declined the digital and ad business at its core Facebook and Instagram products. The company has enacted various cost-cutting initiatives to boost profitability. Over two rounds of layoffs in November and March, the company has reduced its global headcount by roughly 21,000 employees. Most recently, the reductions have been in areas like user experience, software engineering, graphics programming, among other product-facing teams. Meanwhile, businesses such as Legal, Finance and HR are also being tripped. The latest round of job cuts are expected to result in restructuring costs of between $3-5 billion. The market is optimistic that the company will emerge leaner and more profitable. There is also optimism that meta can easily surpass its year-over-year revenue and profit comparisons as the global digital ad spending is expected to grow to roughly $422.8 billion this year, rising 7.2% year-over-year. The company must continue to show gradual improvements for the quarter and full year. For the full year ending in December, earnings are projected to rise to 16% year-over-year to $9.97 per share, while full year revenue of $122.14 billion would rise 4.7% year-over-year. Aside from the prospect of easier year-over-year revenue and profit comparisons in the latter part of the year, the company stands to also benefit from potentially easing monetary policy. The latter may help reverse the recent trend of declining revenue, which the company has suffered through three straight quarters. In that vein, analysts are projecting another quarterly revenue drop for the just-ending quarter. However, it's worth noting that if the company reaches the top end of the range of its revenue guidance between $26 and $28.5 billion, that streak may end this evening. In the fourth quarter, Meta earned an adjusted $1.76 per share on $32.17 billion in revenue, marking a year-over-year decline of 4.47%. Though it surpassed street estimates by $475 million, Q4 revenue included $31.44 billion from its family apps, which include obviously Facebook, Instagram and WhatsApp. During the quarter, Facebook ended with $2.96 billion monthly active users and $2 billion daily active users. In total, it ended the period with $3.74 billion monthly active users for its family of apps and $2.96 billion daily active users. The company has also unveiled a $40 billion share buyback program with Zuckerberg calling 2023 the year of efficiency, and the company is focused on becoming stronger and more nimble organization. Let's take a look at some of the statistical trading patterns around Meta earnings. Meta shares have moved lower in the immediate aftermath of earnings, 8 out of 12 previous reports. On average, the stock has moved down 3.4% in the fourth day of trading, after the company moves up to earnings. Based on the previous 12 earnings releases, Meta is more likely to trade lower one day after earnings for an average loss of 1.2%. On average, the stock has moved higher by 1.5% one week after earnings. Let's take a look at where we are from an analyst forecast perspective. We have a range in terms of pricing. 305 on the top side, 226 is the average and 80 on the low end. That's the 12 month forecast there. In terms of the analyst community, I had 55 analysts covering Facebook in the last three months. 34 of them have it as a strong buy, five as a buy, 11 a hold, one as a sell, and only four as a strong sell. In terms of order flow and the options, traders are pricing in a potential 7.7% move on average versus an average of the actual earnings move of 11.2%, which is market overestimated Meta stock earnings moves 42% of the time in the last 13 quarters. I would note there's been some buying interest in the $2.30 call, 5,304 contracts. That expires on Friday and options order flow sentiment in general is bullish. However, investor sentiment only has 33% expecting an earnings beat. All of that said, let's pull up the chart and see where we are from a potential trading opportunity, looking at the technical setup. We can see here that from the lows printed, just ahead of $88, we've seen a decent to the upside. I have a technical target for this move now of $276. That's an equality objective versus the swing low that we have in place here at $167. So a couple of areas of interest for me. I will be looking at any break through $225. I want to engage on the long side. My initial target is going to be the current channel of resistance up to 247. Monthly projected range resistance comes in at 248 and then you've got to think that $250 becomes the magnet there. Equally, any pullback into the price swing highs there before the breakout, $196. I'll be watching for bullish reversal patterns there to again engage on the long side, looking for the same initial upside objectives. At this stage, it would really take a close below $181, which is projected, sending trend channel support to take us back into test the pivot at $167. But for now, like I say, I'm constructing and I'm looking for opportunities to engage on the long side to take this higher, looking for that $250 test and ultimately then on to $276. And also always want to keep in mind that 12-month topside target there of $305. As always, traders, plan the trade, trade the plan, and most importantly, manage your risk. Until next time, thanks very much.