“For 2Q we are staying within Meta’s rev. guidance range, but we are lowering 2Q estimates by 3% (primarily for FX) to $28.7bn, and full year 2023 by 9% to $135bn. We think Meta will adjust spending to reflect top-line headwinds, and are cutting our 2022 expense est. to $85.5bn, below Meta’s guide at $87-92bn. We lower 2022 GAAP EPS by 5% to $11.20 and 2023 EPS by 12% to $12.05 to $13.68."