Snap's Stock Hits New All-Time High Amid Investor Day Event

Social media company Snap Inc SNAP is trading higher Tuesday during the company's first ever Virtual Investor Day event.

Traders and investors reacted positively when Snap’s senior director of advertising products Peter Sellis provided viewers with an optimistic outlook on ad revenue growth and sustainability.

“Via the work on our self-serve ad platform, we’re in a position to drive multiple years of 50% plus revenue growth," said Sellis.

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As Sellis reiterated the importance of ad revenue to social media platforms, he said its Ads Manager self-serve ad tool has been of the utmost importance to bolster revenue growth. Snap's Ads Manager launched in 2017 and has advanced tools for advertisers to target users during the ad bidding process.

Snap is an American camera and social media company founded in 2011 by Evan Spiegel and Bobby Murphy. Snap is based in Santa Monica, California and has three products that drive revenue: Snapchat, Spectacles and Bitmoji.

Snap shares are up about 6.8% at $67.76 at publication time. The stock has a 52-week high of $67.72 and a 52-week low of $8.