Meta Platforms (NASDAQ: META) has been one of the best-performing stocks on the market since the beginning of 2023, gaining more than 300% at one point.

However, that momentum didn't help the social media giant Wednesday night after it reported first-quarter earnings. Meta stock plunged 15% after hours on the update, even though first-quarter results were strong.

Revenue in the first quarter jumped 27% to $36.5 billion, its fastest growth rate in several quarters, and edged out estimates at $36.2 billion. Operating margin improved from 25% to 38% as advertising growth returned and the company benefited from last year's cost cuts. On the bottom line, generally accepted accounting principles (GAAP) earnings per share jumped 114% to $4.71, topping expectations at $4.32.

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Source Fool.com