Although Meta Platforms (NASDAQ: META) shares have been on an absolute tear in 2023, they are still down 31% from their all-time high (as of May 31). Nonetheless, some investors might be ready to hop on the Meta bandwagon in hopes of riding the momentum to superb portfolio returns.

This has always been a controversial stock. That's why it's worthwhile to consider both sides of the argument before even attempting to make an informed investing decision. Let's look at the bear and bull cases for Meta Platforms. 

In 2022, Meta generated 98% of its revenue from digital advertising. What has been revealed over the past several quarters, however, is just how cyclical the digital ad market really is. Meta's sales declined 1.1% in 2022. And although results in the first quarter of 2023 exceeded Wall Street expectations, revenue increased by only 2.6%. 

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Source Fool.com