Twitter shares hit record highs, forecasting revenue to double

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

In an announcement ahead of its investor presentation on Thursday, Twitter said it would increase the number of features to be launched to increase revenue and users.

The social media network has struggled to add features in the form of larger rivals such as Facebook and smaller viral apps such as Tytocoke of ByteDance. But in recent months, it has made a push to launch new products, including an audio-chat feature similar to the viral app Clubhouse.

Twitter said in a filing that it expects to reach at least 315 million monetizing daily active users (mDAU) or users viewing ads by the fourth quarter of 2023.

Internationally, Twitter faces challenges in India, a rapidly growing market for social media usage. Social media companies in the country need to erase certain content and coordinate with law enforcement.

Twitter had earlier refused to remove content related to farmers’ protests in India.

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