Getty Images for Snap, Inc.
- Snap stock jumped as much as 8% on Wednesday, hitting a 52-week high on the same day the social media site held its investors’ day.
- The company said work on its self-serve Ad Manager platform should drive years of revenue growth of more than 50%.
- Snap said Ad Manager supports diversification advertisements.
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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.
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.
“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, according to CNBC.
Snap has been expanding its Ads Manager tools since 2017, with the platform allowing users to create ads and campaigns and gauge goals.
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.
"The more advertisers we have, the more diverse the set of ads that we can show," said Sellis.
Snap shares have risen about 34% over the past 12 months.