Twitter (TWTR) announced three major long-term goals Thursday, including plans to at least double total annual revenue from $3.7 billion in 2020 to $7.5 billion or more by 2023. Twitter stock soared to a record high.
The social media company also expects to have at least 315 million daily active users by the fourth quarter of 2023, representing a compound annual growth rate of 20%, it announced in a filing with the Securities and Exchange Commission.
Third, Twitter said it plans to “double development velocity by the end of 2023,” which it defined as “doubling the number of features shipped per employee that directly drive either daily active users or revenue.”
The announcement was made ahead of the company’s annual analyst day Thursday afternoon.
Twitter Stock Hits Record High
Twitter stock jumped as much as 9% before pulling back. It closed at 74.59, up 3.7%, on the stock market today, reaching a record high. Shares are up 46% this year.
On Feb. 4, Twitter stock broke out past a 56.21 buy point in a six-week cup base. The 5% buy zone goes up to 59.02, so shares are out of buy range.
The company reported fourth-quarter results on Feb. 9 that beat analyst estimates as revenue climbed 28%. Twitter stock jumped 13% in reaction to the report.
The company reported adjusted earnings of 38 cents per share on revenue of $1.29 billion. Wall Street expected Twitter to report earnings of 29 cents a share on revenue of $1.18 billion, according to FactSet.
High Composite Rating For Twitter Shares
According to the IBD Stock Checkup, Twitter stock has a 96 out of a highest-possible 99 IBD Composite Rating. Investors can use the Composite Rating to easily gauge the quality of a stock’s fundamentals and technicals as well as fund ownership.
In the past 12 months, Twitter stock is up 126%.
For more top stocks and stocks approaching buy points, check out these IBD Stock Lists, like the Stocks Near Buy Zones. To see the current stock market trend, check out IBD’s signature daily analysis, The Big Picture.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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