Snap's stock was surging 45% mid-day Wednesday to $20.36 a share after delivering better than expected earnings for the first time since it went public a little more than a year ago.

Not only did that rally vault the stock above its $17 a share offering price, it put the stock at its highest level in eight months.

That has some wondering whether 2018 could be the year of Snap. The narrative on the company has gone from discouragingly dark to blindingly bright in the space of less than a day. Which feels like a premature call, given that the numbers Snap posted, while encouraging, also show the company has a lot of work to do to become the kind of profitable enterprise beloved by tech investors...