During the quarter we purchased Snap (SNAP, Financial), a camera and social media company, which develops and maintains technological products and services, including Snapchat, Spectacles, and Bitmoji. The company has several technological innovations and product partnerships that, along with what we consider a favorable macro backdrop for online advertising, bode well for revenue growth acceleration. Accelerating user growth, particularly internationally, and an improved ad platform are additional tailwinds. The company reported stronger-than-anticipated earnings in the fourth quarter of 2020 and provided guidance for solid revenue growth over the next several years.
From Spiros Segalas (Trades, Portfolio)' Harbor Capital Appreciation Fund first-quarter 2021 commentary.
