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