(Reuters) - Snap Inc Chief Executive Evan Spiegel said Wednesday the tech company expects it can deliver 50% annual revenue growth over several years even without growing its user base or engagement. 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. Spiegel said Snap can grow its average revenue per user as it continues to develop augmented reality products like photo filters and add more media content, such as shows within its discover feature. 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.