Meta Platforms (NASDAQ: META) has been one of the best-performing stocks this year. Shares are up 167% in 2023 (as of Oct. 1), a huge reversal from the monumental drop from late 2021 to late 2022. In November 2022, shares were trading at a beaten-down price-to-earnings (P/E) ratio of below 9. This looks like an absolute steal in hindsight. 

Like its big tech peers, this business is benefiting tremendously from renewed investor interest. But is this top social media stock a smart buy right now? Let's take a closer look. 

By owning four incredibly popular social media services -- Facebook, Instagram, WhatsApp, and Messenger -- Meta commands user attention like no other. As of the most recent quarter (ended June 30), the company reported having 3.07 billion daily active users on its platform. This means that 38% of the global population interacts with a Meta product on a day-to-day basis. That scale is truly remarkable. 

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Source Fool.com