Twitter plans to double revenue in 2023 to $7.5 bn, shares hit record high

Twitter Inc said on Thursday it expected to double annual revenue to at least $7.5 billion and reach 315 million users in 2023, sending its shares up more than 8%.

Twitter will boost its new features to increase revenue and users, it said ahead of its investor presentation on Thursday.

The social media network has struggled to catch up with larger rivals like Facebook and smaller viral apps like ByteDance's TikTok in offering features. But in recent months, it has made a push to launch services such as audio-chat, similar to that of viral app Clubhouse.

"We know we've been slow," said Chief Executive Jack Dorsey during Twitter's virtual investor day. "When you compare us with our peers, it's been especially stark."

In a regulatory filing, Twitter estimated reaching at least 315 million monetizable daily active users (mDAU), or those who see ads, by the fourth quarter of 2023.

Internationally, Twitter faces challenges in India, a rapidly growing market with plans to require that social media companies erase certain content and coordinate with law enforcement.

Twitter had previously refused to delete content connected to farmers' protests in India.