Twitter Aims to Double Revenue by 2023
By Sarah E. Needleman
Twitter Inc. is aiming to at least double its annual revenue
over the next few years, as the social-media company pushes to add
more users and advertisers to help grow its business.
Twitter said Thursday it has a goal of reaching $7.5 billion in
revenue or more by 2023, up from the $3.7 billion it made last
year. Twitter is also projecting its daily user base to grow to at
least 315 million by the end of 2023, or around 20% annually
between now and then, according to a Securities and Exchange
Shares of Twitter rose more than 6% in early-morning trading
after the announcement. The company is hosting an event for
analysts Thursday -- its first in several years -- in which it
plans to go into greater detail on its goals.
Twitter has been steadily growing users for years but it lags
behind competitors such as Facebook Inc. and Snap Inc., parent of
ephemeral-messaging platform Snapchat. For the December-ended
quarter, Twitter said it had 192 million daily users, while
Facebook reported roughly 1.85 billion and Snap said it had 265
This year Twitter has said it plans to expand its workforce by
more than 20%, mainly in areas such as engineering, product, design
and research. The company ended 2020 with more than 5,500
employees. It expects total operating costs and expenses to rise
25% in 2021, slightly higher than the 2020 growth rate of about
Twitter has previously said one way it hopes to grow is by
appealing to more small business advertisers. The company has also
hinted at plans to launch a subscription service.
Last month Twitter said it reached a deal to buy newsletter
platform Revue Holding BV, tapping into a trend of tech companies
providing content creators with tools to make money. The growing
space includes other newsletter startups such as Substack Inc. and
Rocket Science Group LLC's Mailchimp.
Write to Sarah E. Needleman at email@example.com
(END) Dow Jones Newswires
February 25, 2021 10:37 ET (15:37 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.