Snap Inc. shares have been entered higher into positive territory Tuesday after social media company executives outlined their plans for Snapchat in an investor presentation.
Snap SNAP,
Shares, which had been trading down 7% at midday mid-tech sales, rose to a sudden gain among the show. At the last survey, shares rose 5.5%.
The rise in share prices coincided with reports that Snap’s chief product officer, Peter Sellis, told investors that the company was poised for annual revenue growth of 50% or more over several years. Earlier in the month, Snap reported annual revenue growth of 46% to $ 2.51 billion in 2020, after 45% growth in 2019, 43% in 2018, and 104% in 2017 .
Analysts surveyed by FactSet expect Snap revenue to grow 48% in 2021 to $ 3.72 billion. Analysts expect revenue of $ 5.11 billion in 2022, or a 37% increase from 2021 expected sales.
Snap shares are up 303% over the past 12 months, compared to a 16% increase in the S&P 500 SPX index,
and a 39% gain on the Nasdaq Composite Index COMP index,