2023 has been a good year to be invested in technology stocks, and one of the undisputed winners is none other than social media giant Meta Platforms (NASDAQ: META). For much of 2022, Meta distanced itself from its advertising roots, making hefty investments in new areas such as the metaverse.

What initially looked like an exciting new frontier for the company quickly went sideways. The company's expense profile became bloated thanks in large part to aggressive hiring and product development costs, ultimately taking a toll on profits. As a result, investors punished Meta stock, sending it down over 60% in 2022. 

With his legacy on the line, the level of scrutiny on Meta CEO Mark Zuckerberg was beyond intense coming into 2023. Back in February, Zuckerberg declared 2023 would be Meta's year of efficiency, augmented by cost reductions in the form of layoffs while also pivoting revenue efforts back to advertising. Although this was encouraging to hear, executing on this vision was the more obvious challenge.

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Source Fool.com