5 Best Internet Content Stocks to Buy

3. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 194

Meta Platforms, Inc. (NASDAQ:META)’s Facebook has over 2 billion monthly active users as of the end of 2022. This shows the extent of Meta Platforms, Inc. (NASDAQ:META)’s dominance in the social media industry. Facebook plays a key role in the internet content industry. Meta Platforms, Inc. (NASDAQ:META) also owns Instagram, which has over 2 billion monthly active users, according to Sprout Social.

Meta Platforms, Inc. (NASDAQ:META) shares gained ground recently after the company posted an upbeat ads revenue, an unexpected development in the current macro-economic backdrop. Meta Platforms, Inc. (NASDAQ:META)’s ads revenue in the first quarter of 2023 jumped to $28.1 billion, better than analysts’ estimate of $26.88 billion.

Giverny Capital made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q1 2023 investor letter:

“Meta Platforms, Inc. (NASDAQ:META) was our leading performer, up 76% for the quarter. I have written quite a bit about Meta in prior letters and I feel like I got the basics right: Meta never had an earnings or engagement problem so much as an expense management problem. Once founder and CEO Mark Zuckerberg announced layoffs and a new commitment to efficiency, the stock doubled in a few months.”