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 Thursday that it aims to have 315 million daily monetizable active users (mDAUs) by the end of 2023 and at least double its annual revenue this year. The announcement was made in an SEC filing.
Twitter shares rose to 10% during pre-market trading after the news.
This is the first time Twitter has set long-term goals for revenue and daily users and is 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 itself the goal of doubling its development speed by the end of that year, which would require it to double the number of functions each employee submits and directly generate mDAU or revenue.
Twitter reiterated that it targets a long-term GAAP operating margin target for teens or an adjusted EBITDA margin of 40% to 45%.
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