After the bell, Q3 earnings will be reported.

• After the close of regular trading on Wednesday, Meta will announce its third-quarter earnings.
• According to a survey conducted by LSEG, analysts anticipate the company's second-quarter revenue to be $40.27 billion.
• Meta unveiled its prototype Orion AR glasses, which sparked excitement among employees as the company gears up to target developers for a future consumer release.

The company is scheduled to release its third-quarter earnings report on Wednesday following the end of regular trading.

Here's what analysts polled by LSEG are expecting:

• Earnings per share: $5.25
• Revenue: $40.29 billion

Meta's stock performance has been impressive this year, with shares up almost 70% and trading near a record. This success can be attributed to a series of strong earnings reports. The gains on Wall Street have also benefited Meta CEO Mark Zuckerberg, who recently surpassed Jeff Bezos as the world's second-richest person.

Meta has been investing heavily in artificial intelligence, including spending billions of dollars on graphics processing units, to improve its core online ad business following Apple's 2021 iOS privacy update.

Meta has experienced four consecutive quarters of sales growth above 20%, and investors remain optimistic about the company's financial health. Bernstein analysts have downgraded Meta from their "set-it-and-forget-it blue chip holding" due to the company's "healthy core business" and its low-risk AI strategy.

The big week for tech earnings ends on Thursday, with Microsoft reporting after the bell on Wednesday and Apple and Amazon releasing their quarterly financials.

One possible concern for Meta could be slowing revenue growth.

If Meta's third-quarter revenue meets analysts' expectations, it will represent a 18% year-over-year increase, a decrease from the 23% growth seen a year ago. At that time, Meta was benefiting significantly from the massive digital ad spending of China-linked retailers such as Temu and Shein. However, it is uncertain how long these companies will continue their digital marketing campaigns.

In February, Meta reported a 25% increase in fourth-quarter revenue year-over-year, and in April, the company's first-quarter revenue was up 27% from the previous year. However, surpassing these achievements will be a challenging task for the company, according to Angelo Zino, vice president and technology equity research analyst at CFRA. As a result, investors will eagerly anticipate guidance.

Zino remarked, "Looking at that, you can't help but wonder if it will last."

Despite its strong online advertising business and previous rounds of major layoffs, Meta's Reality Labs hardware division continues to face significant expenses, with $4.8 billion in expenses in the second quarter dwarfing the $353 million in sales.

In September, Zuckerberg showcased Meta's Orion AR prototype AR glasses, which was viewed as a success by his employees. Meta plans to target software developers in 2025 as it continues to develop a consumer version of the headset, according to CNBC's earlier report.

The buzz around Meta's prototype Orion AR glasses and its long-term strategy has overshadowed the excitement around Apple's competing Vision Pro VR headset, which debuted at a starting price of $3,500, according to Barton Crockett, managing director and senior research analyst at Rosenblatt Securities.

"Crockett stated that the Orion's vision is intriguing and they have outperformed Apple, something that nobody would have predicted," said Crockett.

The Ray-Ban Meta smart glasses, developed in partnership with, have generated excitement among users. As a result, they could be a popular gift this Christmas.

Despite their significant AI investments, Meta's revenue still has potential for growth.