By Sheila Dang
Spiegel clarified a previous estimate by saying 50% annual revenue growth does not depend on further user or engagement growth, and reflects the “steady state” of the current business. He spoke at the virtual Morgan Stanley Technology, Media and Telecom Conference on Wednesday.
The company, which owns popular photo-messaging app Snapchat, earns revenue by selling ads on the app and has focused heavily on developing better ad formats for brands, as well as helping advertisers sell products to young audiences throughout the pandemic.
Snap had revenue of $911 million and 265 million daily active users during its fourth quarter.
(Reporting by Sheila Dang; Editing by Cynthia Osterman)