Meta Platforms (NASDAQ: META) has been one of the hottest tech stocks to own this year, and its shares are up an incredible 165% in 2023. The company is coming off a strong earnings beat and investors are bullish on the stock once again. But before you buy the tech stock, there are two numbers you should take a close look at, as the business isn't exactly firing on all cylinders.

Meta is so convinced about the future of the metaverse that it changed its name and ticker symbol, and it has plunked down billions into a relatively new segment of the business that's focused on virtual reality -- Reality Labs. It's the company's devotion to this ultra-risky segment that makes Meta a much riskier buy than it otherwise should be.

In the second quarter (which ended on June 30), the company generated an overall operating profit of $9.4 billion, which was up 12% year over year. But that was purely due to the growth in its Family of Apps segment, which includes Instagram, WhatsApp, Facebook, and Messenger -- its core social media assets. Here's how the two segments have performed over the past four quarters:

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Source Fool.com