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Is it Too Late to Buy Meta Platforms Stock After Nearly 200% Rally in 2021?

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In 2023, Meta Platforms, the parent company of Facebook, Instagram, WhatsApp, and the Quest virtual reality (VR) headsets, experienced an incredible rally and nearly 200% gains, bringing its share prices nearly back to all-time highs that were set during the pandemic. Contrary to popular beliefs, Meta is not just a social media business and is not solely betting on the metaverse; it has a massive global data center network at its core, enabling businesses to reach audiences worldwide.

2024 could kick off another boost in digital ad activity, with expectations of strong revenue growth after a “year of efficiency” in which the company vowed to keep expenses in check after a pandemic-era spending spree. Meta’s increase in EPS in Q3 2023 indicates a focus on not just revenue growth, but more profitable revenue growth. Additionally, indications of strong consumer spending are a positive sign for the company, which uses its data centers and new artificial intelligence (AI) algorithms to help marketers find an audience and realize sales.

Overall, Meta may not be too late to invest in, and the company, now focusing on profitable growth, could be another standout winner in 2024.

In 2023, Meta Platforms nearly doubled their share prices and is nearly back to all-time highs set during the pandemic. Meta is more than a social media business and has a global data center network which has enabled small businesses to reach audiences. Additionally, the company has been focusing on cutting back expenses and increasing EPS hinting towards more profitable revenue growth. With the digital advertising ecosystem growing, Meta could still be a viable stock to invest in.

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