After an epic rally and nearly 200% gains in 2023, it may seem hard to believe that Meta Platforms (NASDAQ: META) had been all but left for dead by Wall Street in 2022. As 2024 gets underway, share prices of the parent company of Facebook, Instagram, WhatsApp, and the Quest virtual reality (VR) headsets are nearly back to all-time highs set during the pandemic.

Contrary to popular belief, Meta is far more than a social media business, nor is this company solely betting on the metaverse as its future (despite what the corporate name change a couple of years ago might have implied). Meta has a massive global data center network at its core, enabling millions of businesses -- especially small businesses -- to reach audiences. Don't write off the possibility Meta could have yet another great run in 2024.

Meta is coming off of CEO Mark Zuckerberg's "year of efficiency" in which the company vowed to keep expenses in check after a pandemic-era spending spree. More on that in a moment, because one key to Meta stock's continued success in 2024 will be a resurgence in digital ad spending.

Continue reading

Source Fool.com