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Jack Dorsey, CEO of Twitter Inc. and Square Inc., speaks during an Empowering Entrepreneurs event at Ryerson University in Toronto, Ontario, Canada, Tuesday April 2, 2019.
Cole Burston | Bloomberg | Getty Images
Twitter on Thursday announced its goal of having 315 million Monetizable Daily Active Users (mDAUs) by the end of 2023 and at least doubling its annual revenue that year. The announcement was made in an SEC filing.
Twitter share rose 10% during pre-market transactions after the news.
This is the first time Twitter has set long-term goals for revenue and daily users, and it precedes 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 speed by the end of the same year, which would require it to double the number of features shipped by each employee that directly generate mDAU or revenue.
Twitter reiterated that it is aiming for a long-term goal of mid-teens GAAP operating margin or 40% to 45% adjusted EBITDA margin.
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