Jack Dorsey, CEO of Twitter Inc. and Square Inc., speaks during an Empowering Entrepreneurs event at Ryerson University in Toronto, Ontario, Canada, on Tuesday, April 2, 2019.
Cole Burston | Bloomberg | Getty Images
Twitter said on Thursday that it plans to have 315 million monetized daily active users (mDAUs) by the end of 2023 and at least double its annual revenue that year. The announcement was made in a SEC filing.
Twitter shares rose up to 10% during pre-market trading after the news.
This is the first time that Twitter has set long-term goals for revenue and daily users and arrives before the company’s analyst day on Thursday afternoon.
Doubling its annual revenue would mean going from $ 3.7 billion in 2020 to at least $ 7.5 billion in 2023, Twitter said. The company also set a goal to double its development speed by the end of the same year, which would require it to double the number of resources each employee sends that directly generate mDAUs or revenue.
Twitter reiterated that it aims for a long-term goal of mid-teen GAAP operating margin or adjusted EBITDA margin of 40% to 45%.
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