Snap tells investors it is on track for several years of 50% growth

Snap’s stock skyrocketed on Tuesday after it announced that it is in a position to drive several years of revenue growth of more than 50% during the company’s investor day.

The stock went from about $ 58.50, about 7% below Monday’s close, to a peak of $ 67.68, up almost 7% in comments. They are now hovering around $ 65.50, up about 3% on a bearish day for tech stocks.

“Through working on our self-service ad platform, we are in a position to drive several years of 50% more revenue growth,” Peter Sellis, senior director of advertising products at Snap, told investors.

Sellis explained how the company has been developing its Ads Manager self-service advertising tool since its launch in 2017. The company has expanded the tools’ ability to target users and allow advertisers to place different types of bidding results.

Now, Snap has built its self-service ad ecosystem that has driven Snap cost per impression while boosting return on investment for advertisers, Sellis said.

“The more advertisers we have, the more diverse the set of ads that we can show,” said Sellis. “This makes these ads more relevant and makes Snapchatters more likely to engage with them. This, in turn, increases ROI and makes us more efficient with our inventory.”