Snap hits a record high on sales growth and ad strategy (it's growing up)

Ghosted, then unghosted... Snap can relate. Two years ago, Snap stock was languishing around $10/share. After going public in March 2017, Snap consistently failed to beat earnings estimates for nearly a year. But the little ghost has been wowing investors over the past year, and its shares have more than 4X'd. In 2020, Snap's sales growth was more than 2X Facebook's (granted: Snap is younger, smaller, and still unprofitable). This week...

• Snap shares soared to a record high of ~$73, and its market cap crossed $100B for the first time. Market cap = the total value of a company’s shares (held by investors and insiders).
• Driving the moves: At its investor event on Tuesday, Snap said it expects 50% annual sales growth for the next several years.
• Wild stat: With its 265M daily users, Snap says it reaches 90% of 13- to 24-year-olds in the US. Call it Gen S.

Bring back the rainbow puke filter... Investors were also impressed with Snap's new strategy to grow ad revenue in non-messaging features (it's not all about Taco Bell face filters). A key growth opportunity: the Snap Map.

• Yelp-ifying Snap Maps: The map where you stalk your friends' Bitmojis has the potential to bring in big bucks from small businesses. 35M businesses are already on the Map.
• Map it out: You zoom in to the map and click on Huckleberry Cafe. Snap shows contact info, directions, reviews, and even lets you order via food delivery apps. Businesses can pay to promote their listings, Yelp-style.