Meta Platforms is set to announce its second-quarter earnings after market close on Wednesday, with investor focus primarily on its capital expenditure guidance. This key metric is critical for Wall Street's evaluation of the company's financial health.

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Meta Reports Earnings Wednesday. All Eyes Are on This Number.

By Nate Wolf

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Investors will be closely watching Meta’s capital-expenditure guidance. (David Paul Morris/Bloomberg)

Meta Platformswill report second-quarter results after markets close Wednesday, and recent history tells us Wall Street will only care about one number: Its capital expenditures.

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Meta Earnings: All Eyes Are on This Number.

Meta Reports Earnings Wednesday. All Eyes Are on This Number.