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Snap stock jumps as much as 8% as the social media site sees delivering years of hefty revenue growth (SNAP)

Published by Business Insider on Wed, 24 Feb 2021


<p><img src="https://static1.businessinsider.com/image/60356645d9208800185919a7-2400/evan spiegel, snap.jpg" border="0" alt="Evan Spiegel, Snap" data-mce-source="Getty Images for Snap, Inc." data-mce-caption="Snap's CEO Evan Spiegel"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Snap stock bulked up as much 8% Tuesday as the social media company said it has set itself up to deliver years of revenue expansion.&nbsp;</p><p>The shares hit an intraday high of $68.70 that also marked a 52-week high for the photos and messaging services app. Volume was heavy, with more than 57 million shares traded intraday compared with a daily average of 20.4 million. The gain was pared to 6.6% in afternoon trading.&nbsp;</p><p>"Via the work on our self-serve ad platform, we're in a position to drive multiple years of 50% plus revenue growth," said Peter Sellis, Snap's senior director of ad products, during the company's investors day, <a href="https://www.cnbc.com/2021/02/23/snap-tells-investors-its-on-track-for-several-years-of-50percent-growth.html">according to CNBC</a>.&nbsp;</p><p>Snap has been expanding its Ads Manager tools since 2017, with the platform allowing users to create ads and campaigns and gauge goals.&nbsp;</p><p>The work has resulted in a self-serve advertisement ecosystem that has driven cost per impression for Snap while driving return on investment for advertisers, Sellis said, according to the report.</p><p>"The more advertisers we have, the more diverse the set of ads that we can show," said Sellis.&nbsp;</p><p>Snap shares have risen about 34% over the past 12 months.&nbsp;</p><p><a href="http://markets.businessinsider.com/news/stocks/snap-stock-jumps-as-much-as-8-as-the-social-media-site-sees-delivering-years-of-hefty-revenue-growth-1030115011#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/what-its-like-make-beer-with-picobrew-c-home-brew-2020-3">We tested a machine that brews beer at the push of a button</a></p>
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