Jack Dorsey, CEO of Twitter Inc. and Square Inc., speaking on Tuesday, April 2, 2019 during an Empowering Entrepreneurs meeting at Ryerson University in Toronto, Ontario, Canada.
Cole Burston | Bloomberg | Getty Images
Twitter said on Thursday it intends to have 315 million daily active users (mDAUs) by the end of 2023 and at least double its annual revenue in that year. The announcement was made in an SEC filing.
The share of Twitter was as much as 10% higher after the news.
This is the first time Twitter has set long-term goals for revenue and daily users, and it comes ahead of the company’s analyst day Thursday afternoon.
Doubling its annual revenue would mean it would go from $ 3.7 billion in 2020 to at least $ 7.5 billion in 2023, Twitter said. The company also set a goal of doubling its development rate by the end of the same year, requiring it to double the number of features each employee submits that directly drive MDUs or revenue.
Twitter reiterates that it is aiming for a long-term target of the GAAP operating margin of mid-teens or adjusted EBITDA margin of 40% to 45%.
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