In late 2022, Facebook parent company Meta Platforms was forced to rein in its excessive spending following a 76% peak-to-trough plunge in its stock price. CEO Mark Zuckerberg vowed to make 2023 a "year of efficiency" and subsequently slashed over 21,000 jobs, cut costs across the board, and prioritized profitability.

It worked, and Meta stock has soared 533% from that low point to trade at an all-time high.

Food delivery giant DoorDash (NASDAQ: DASH) was in a similar situation in 2022. The company is still losing money, but it made substantial progress toward profitability in 2023, and investors have sent its shares 182% higher from their 2022 low point. DoorDash is still down 50% from its all-time high, though, and it might be time to buy the stock.

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Source Fool.com