Share prices of social media king Meta Platforms (NASDAQ: META) are finally getting their pullback after an epic year -- down nearly 15% from their most recent highs, but still up an incredible 140% in 2023 as of this writing. The reason is a bit confusing because Meta handily beat all financial expectations for the third quarter of 2023. Some of that beat is attributed to a partial return to operating profit margins that Meta was known for.

As CEO Mark Zuckerberg's "year of efficiency" comes to a close, investors are now wondering if the profit margin expansion story can continue into 2024. Some are also wondering if this recent price drop is an opportunity to buy Meta on the dip. Let's see if the answers present themselves.

In recent months, Meta showed off new artificial intelligence (AI)-powered creation tools for its app users ahead of the launch of the Quest 3 VR headset. But the story of 2023 is more about what's going on behind the scenes. AI is being infused across Meta's services to make ads more efficient for advertisers and to drive engagement with these ads from the big Facebook, Instagram, and WhatsApp user base.

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Source Fool.com