Twitter Aims To Double Annual Sales By 2023 End
The popular social networking company Twitter has announced plans indicating that it has its eyes set on growing its user base and, in turn, revenue base in the forthcoming years.
In a recent SEC filing, Twitter noted that it’s targeting to at least double its annual revenue from $3.7 billion in 2020 to $7.5 billion in 2023, with its plans propelled by a complementary target of growing its monetizable daily active users (mDAUs) count to 315 million by the end of 2023.
Twitter’s growth target was formally announced at the company’s 2021 Analyst Day event where it pitched itself to investors and public market stakeholders with the aim of encouraging positive investor sentiment towards Twitter. As it looks, the social media company got positive attraction from investors with the announcement of its revenue doubling aim as Twitter’s stock shot up by over 5% during trading on Thursday.
Over the past few years, Twitter has recorded healthy growth but that not on par with other social media giants like Facebook and Snap Inc. It seems as if Twitter has been okay with having a ‘chilled’ business growing fairly but not chasing rapid growth like several of its peers.
Now, Twitter appears to have its eyes set on chasing the type of growth usually demanded by Wall Street and will actively work towards that. The company has already set off growth efforts which may include a series of new features that it’s teased like Communities, a Facebook Group-like setup; in-app tipping; and an account subscription feature called “super follows” that’ll let Twitter users make money from tweets.
Twitter is led by Jack Dorsey, who also doubles as the CEO of another publicly-traded company, Square. Square, a payments company, just had a blowout fiscal 2020 where it grew its revenues over 100% year-over-year from $4.7 billion in 2019 to $9.5 billion in 2020. Square has particularly reaped big fruits from bitcoin trading services, as it saw its revenue from that segment grow 785% year-over-year to $4.6 billion in 2020.
As it seems, Jack Dorsey may be trying to replicate the high growth experienced by Square at his other company Twitter.
Twitter (NYSE:TWTR) ended trading on Thursday with a market value of nearly $60 billion.