It's been a rough year for (NYSE: SNAP) stock. Going into the week, shares had slid about 3% year to date. This follows a disastrous 2022, when the growth stock plummeted more than 80%. As the company's top-line growth slowed in 2022 and then turned negative in the first quarter of 2023, there was good reason to worry. With such lousy revenue performance and persistent quarterly net losses, it was unclear whether the company could ever live up to its premium valuation.

But is a new, upbeat update from management that sent the stock soaring about 12% on Monday enough to turn the tables for investors? After all, shares of the parent of social media platform Snapchat are still trading at levels far below where they were a year ago.

Apparently, management expects a huge rebound in Snap's revenue growth rate next year.

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Source Fool.com