Twitter sees revenue double in 2023, shares hit record highs

(Reuters) – Twitter Inc said Thursday that it expects to double its annual revenue to at least $ 7.5 billion and reach 315 million users in 2023, increasing its shares by more than 8%.

In an announcement ahead of its presentation to investors on Thursday, Twitter he said it will increase the number of features it launches to increase revenue and users.

The social media network has struggled to add features as quickly as larger competitors like it Facebook and smaller viral apps like ByteDance’s TikTok. But in recent months it has pushed to launch new products, including an audio chat feature similar to the viral Clubhouse app.

Twitter he said in a filing that he expects to reach at least 315 million monetizable daily active users (mDAUs), or users who see ads, by the fourth quarter of 2023.

Internationally, Twitter faces challenges in India, a rapidly growing market for social media use. The country plans to require social media companies to delete certain content and coordinate with law enforcement.

Twitter he had previously refused to delete content related to farmers’ protests in India.

Reportage by Munsif Vengattil in Bengaluru and Sheila Dang in Dallas; Editing by Shounak Dasgupta and Jonathan Oatis