Twitter jumps as social media site aims to ‘at least’ double revenue by 2023

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  • Twitter wants to generate revenue of at least $US7 ($9).5 ($9) billion by 2023, it said in a regulatory filing Thursday. 
  • Twitter shares surged by 12% during premarket trade as the company outlined long-term goals. 
  • The social media site is aiming for double-digit growth in the number of users that can see its ads.   
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Shares of Twitter climbed as much as 11% on Thursday after the social media company said it long-term goals include increasing revenue past the $US7 ($9) billion mark over the next two years. 

The company is working toward “at least double annual revenue from $US3.7 ($5) billion in 2020 to $US7 ($9).5 ($9) billion or more in 2023,” it said in an 8-K filing with the Securities and Exchange Commission

Twitter was holding an analysts day on Thursday. Its shares leapt as much as 11%, to $US80.02 ($100) before paring some gains. 

The company also set its sights on reaching at least 315 million monetizable daily active users in the fourth quarter of 2023, which would reflect about 20% compound annual growth rate from 152 million mDAU logged in the fourth quarter of 2019. 

Twitter sees mDAU as the number of daily site users to whom it can show ads.