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Twitter flies higher as it unveils plans to double revenues by end of 2023


Shares in micro-blogging platform Twitter Inc (NYSE:TWTR) flew higher on Thursday after the company unveiled its long-term goals, one of which was to double its annual revenues by 2023.

In an SEC filing ahead of an analyst day, the firm unveiled three-long term goals including doubling its development velocity by the end of 2023, meaning it will double the number of features shipped per employee that directly drive either its monetizable daily active users (mDAU) or revenue.

READ: Twitter revenues hit record high amid spike in users

Twitter also said it is aiming to reach at least 315mln mDAU by the fourth quarter of 2023, representing a compound annual growth rate of around 20% from the base of 152mln mDAU reported in the final quarter of 2019.

The revenues figure, meanwhile, is targeted to expand to US$7.5bn for 2023 from US$3.7bn in 2020.

Twitter also reiterated its long-term margin target of mid-teens GAAP operating margin, or 40-45% adjusted earnings (EBITDA) margin.

The new long-term targets follow the company’s fourth-quarter results reported earlier this month, which saw Twitter rake in net income of US$222mln (£160mln), or US$0.29 per share, in line with market expectations and up from US$119mln last year.

Revenues, meanwhile, jumped 28% to a record US$1.29bn, beating expectations of  US$1.18bn following a 31% surge in advertising revenues.

The surge in revenue and earnings was accompanied by a rise in mDAU to 192mln from 152mln a year ago but slightly short of the 193.5mln expected by analysts.

Twitter shares jumped 8.4% to US$77.94 in mid-morning trading in New York.

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