CEO Evan Spiegel is betting on a streamlined app and new hardware to boost Snap' s battered business

At Snap's annual Partner Summit in Santa Monica on Tuesday, CEO Evan Spiegel offered a glimpse at how the struggling tech company, whose stock has plummeted 88% in the last two and half years, plans to rebound. Wall Street analysts liked much of what they heard, but are still uncertain the company behind the pictures-and-messaging app will ultimately be able to cut into the dominance of Instagram and TikTok.

"Changing the app, taking the noise out of it, is the right call," Gene Munster, head of Deepwater Asset Management, told TheWrap. "They know exactly where most usage comes from, and when you take a little bit of friction out of products, usage can move up dramatically.