Even though most of Snap's potential advertisers have no clue how to use Snapchat, the company forecasts multiple years of 50% revenue growth.
That was the big takeaway from Snap's first ever Investor Day on Tuesday. Following a banner year that saw the company's stock price more than quadruple, the market continues to like what it sees. Snap's shares were up 11% by market close and the company surpassed a $106 billion market cap.
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Snap announced it snagged a high-level Facebook employee to help lead the company's ongoing efforts to lure more advertisers to its platform.
Doug Frisbie had been on Facebook's marketing team for 11 years, most recently as head of business marketing in North America. He now becomes Snap's VP of Business Marketing, the company announced Wednesday.
Snap added millions of new users last quarter — its largest increase in years — beating Wall Street expectations of growth and revenue.
Riding a wave of increased digital ad-spending and the pandemic's ongoing limitation of leisure activities, Snap added 16 million users and pulled in $911 million in revenue in the fourth quarter of 2020.