One of the hottest stocks among the "Magnificent Seven" has been Meta Platforms (NASDAQ: META). After a rocky performance in 2022, shares in the advertising behemoth soared 194% last year following an impressive return to growth on both the top and bottom lines.

While Meta shares are still up an impressive 22% in 2024, the stock has plunged roughly 12% since the company reported first-quarter earnings on April 24. The reason? Meta's management called for an uptick in spending this year.

Let's outline the rationale behind the rising expense profile and analyze why now is a good time to buy the dip on Meta stock.

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Source Fool.com