Twitter plotted to double its annual revenue by 2023, outlining plans to drastically ramp the development of new features and boost its user base.
Ahead of an analyst event today (25 February), Twitter said it aimed to “double development velocity by the end of 2023, which means doubling the number of features shipped per employee that directly drive either” revenue or the company’s count of monetisable daily active users (mDAUs).
It set a target of reaching 315 million mDAUs in Q4 2023, up from 192 million in Q4 2020, and annual revenue of at least $7.5 billion, compared with $3.7 billion in 2020.
CNBC noted the announcement marked the first time Twitter had publicly declared long-term revenue and user goals.
In 2020, activist investor Elliott Management unsuccessfully attempted to oust Twitter CEO Jack Dorsey, citing concerns about the company’s sluggish performance and the executive’s ties to payments company Square.
During H2 2020, Twitter increased work on new features, deploying additional conversation controls, temporary posts called Fleets and virtual discussion rooms dubbed Spaces.
