Meta Platforms Earnings On Deck, Chart Has A Bearish Formation

Meta Platforms reports earnings on Wednesday, July 30th, after the stock market closes. Analysts are expecting earnings per share of $5.83 on revenue of $44.69 billion. With the stock near all-time highs and up 24% since the last quarter, Meta needs to be beat earnings and give great guidance. If they do not, the stock is likely to pull back.

The stock chart is signaling caution to investors. There is a potential head and shoulder pattern formation on the daily chart. This is a bearish pattern. Should the pattern trigger on earnings, there is downside to $633.

Overall, this pattern alerts investors to be cautious going into Meta Platforms' earnings release.