Meta Platforms Inc ( META ) shares are in the spotlight Wednesday ahead of earnings after the bell. Here’s what you need to know before the report.

What To Know: Meta is due to report financial results for the second quarter after the market close on Wednesday. The company is expected to report earnings of $4.73 per share and revenue of $38.311 billion, according to Benzinga Pro.

Meta has exceeded analyst estimates on the top and bottom lines in five consecutive quarters heading into Wednesday’s print.

Last quarter, Meta reported revenue of $36.45 billion, up 27% year-over-year, and earnings of $4.71 per share. Family Daily Active People were up 7% in the first quarter. Ad impressions jumped 20% year-over-year.

“The new version of Meta AI with Llama 3 is another step towards building the world’s leading AI. We’re seeing healthy growth across our apps and we continue making steady progress building the metaverse as well.” Meta CEO Mark Zuckerberg said at the time.

AI will be in focus when Meta reports after the bell. RBC Capital analyst Brad Erickson recently said that AI tools appear to be performing well, which could lead to increased capture rates and advertising revenue in the quarter.

“The Street will be looking for more on the bigger picture AI monetization strategy where last quarter’s performance by management was more challenging,” Erickson said.

Related Link: Meta Faces Slight Selling Pressure Ahead Of Q2 Earnings: Bearish Charts Suggest 20% Upside Potential

Here’s a look at other recent analyst updates leading up to earnings:

JMP Securities analyst Andrew Boone reiterated Meta with a Market Outperform and price target of $525.

Needham analyst Laura Martin reiterated Meta with an Underperform rating.

Benchmark analyst Mark Zgutowicz reiterated Meta with a Hold.

Wedbush analyst Scott Devitt reiterated Meta with an Outperform and maintained a price target of $570.

Bernstein analyst Mark Shmulik maintained Meta with an Outperform and raised the price target from $565 to $575.

Oppenheimer analyst Jason Helfstein maintained Meta with an Outperform and raised the price target from $500 to $525.

META Price Action: Meta shares were up 2.19% at $473.32 at the time of publication, according to Benzinga Pro.