After the close, Facebook (FB) is scheduled to report Q3 earnings with a conference call set to follow at 5:00 p.m. ET.

Analysts are expecting FB to report EPS and revenue of $3.18 and $29.5 bln, respectively. An inline quarter would represent EPS and revenue growth of 17% and 37%, respectively.

Peer, Snap (SNAP) missed Q3 revenue estimates and issued downside Q4 revenue guidance on October 21. In turn, expectations for FB's results have softened.

SNAP’s miss comes on back of Apple (AAPL) changing its iOS towards the end of last quarter, allowing iPhone users to opt of allowing app developers to track their online activity. This, in turn, has made it much more difficult for companies like SNAP and FB to offer targeted advertising.

FB has been transparent on how this change could impact its business. The bigger risk in our opinion will probably be on the back of FB's outlook, which typically, and especially lately, has been to the cautious side.

There’s a belief that FB may also look to change its name soon in order to better reflect its focus on the metaverse, although nothing has been confirmed

TECHS:

With the stock down ~15% since early September, it “feels” like most iOS-related issues are already mostly priced in to the stock and accounted for in analysts' estimates.

On that note, FB has only missed on EPS one time over the past five years. Its average EPS beat over the past four quarters is $0.75. In each of those quarters, FB has also comfortably exceeded top-line forecasts.

FB has held the 200D for the second time in as many sessions. It provided a great entry point for anyone trying to game the stock into earnings. Investors will want to see that level defended after the print.

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