Despite the Nasdaq Composite (NASDAQINDEX: ^IXIC) index jumping 23% so far in 2023, the technology sector is still finding its feet after a brutal sell-off last year. 

Many individual tech stocks are still down substantially from their all-time highs, and the companies will have to lift themselves out of this valuation slump by delivering a strong operating performance. That includes steady growth and creating a pathway to profitability.

Music streaming giant Spotify (NYSE: SPOT) is proving it can accomplish both of those things. Its stock soared 10% after the release of its financial results for the third quarter, and its shares have now more than doubled in 2023 -- yet remain 53% below its all-time high, set in 2021. 

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Source Fool.com