Twitter shares soar after company announces plan to double revenue by end of 2023

Tech

Jack Dorsey, chief executive officer of Twitter Inc. and Square Inc., speaks during an Empowering Entrepreneurs events at Ryerson University in Toronto, Ontario, Canada, on Tuesday, April 2, 2019.

Cole Burston | Bloomberg | Getty Images

Twitter said on Thursday it aims to have 315 million monetizable daily active users (mDAUs) by the end of 2023 and to at least double its annual revenue in that year. The announcement was made in an SEC filing.

Twitter’s stock was up as much as 10% during premarket trading following 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 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 of doubling its development velocity by the end of that same year, which would require it to double the number of features each employee ships that directly drives mDAUs or revenue.

Twitter reiterated that it aims for a long-term target of mid-teens GAAP operating margin or 40% to 45% adjusted EBITDA margin.

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