Meta Platforms Inc. is back.

Nearly 18 months after setting the record for the biggest market value wipeout in stock-market history, Meta’s shares are close to claiming those levels. The Facebook and Instagram parent lost $251 billion in a single day in February last year as it flagged slowing revenue growth due to stiff competition, which triggered a rolling rout that haunted the stock for most of 2022.

Cut to 2023, its revenue growth is recovering, costs are under control and Reels — short-form videos that are similar to what users see on rival TikTok — has succeeded in increasing usage, and is now also helping draw advertisers. Meta shares rose as much as 8.1% to $323 in premarket trading on Thursday after the social media giant said that ads will drive revenue growth at the fastest rate since 2021.

Still, the stock is 18% away from hitting 2021 record.