Snap stock pops as company tells investors it’s on track for several years of 50% growth

Shares of Snap popped suddenly on Tuesday after it announced that is in position to drive multiple years of revenue growth of more than 50% during the company’s investor day.

Shares moved from around $58.50, which was about 7% below Monday’s close, to a peak of $67.68, up nearly 7%, on the comments. They’re now hovering around $65.50, up about 3% on a mostly down day for tech stocks.

“Via the work on our self-serve ad platform, we’re in a position to drive multiple years of 50% plus revenue growth,” Peter Sellis, Snap’s senior director of ad products, told investors.

Sellis explained how the company has been building out its Ads Manager self-serve ad 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 outcomes .

Now, Snap has built out its self-serve advertisement ecosystem that has driven cost per impression for Snap while driving return on investment for advertisers, Sellis said.

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