Jack Dorsey, executive director at 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 on Thursday that it aims to have 315 million daily active users (mDAU) by the end of 2023 and at least double its annual revenue that year. The announcement was made in an SEC filing.
Twitter shares rose up 10% during premarket trading after the news.
It’s the first time Twitter has set long-term goals for revenue and daily users and comes ahead of 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 has also set a goal of doubling its development by the end of the same year, which would require it to double the number of features delivered by each employee who directly leads mDAUs or revenues.
Twitter reiterated that it aims for a long-term goal of a GAAP operating margin for half-teens or an adjusted EBITDA margin of 40% to 45%.
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