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Twitter Inc (NYSE:TWTR) has defied the extended sell-off seen in the tech space and gained about 33% year-to-date. The stock is mounting a strong rally in Thursday's session.
What Happened: Thursday's strength stems from an 8-K report the company filed with the SEC that discussed its long-term goals ahead of a virtual analyst day.
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The agenda for Twitter's analyst day, which kicked off at noon Thursday, includes discussions on consumer product priorities, policy and enforcement, revenue durability, development velocity, its brand, workplace diversity and investment for growth.
In the 8-K filing, Twitter announced three long-term goals with respect to development velocity, monetizable daily active users (mDAUs) and revenue.
Related Link: How to Buy Twitter (TWTR) Stock
Twitter said it expects to at least double annual revenue from $3.7 billion in 2020 to $7.5 billion or more in 2023.
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The social media platform expects to hit 315 million in mDAUs in the fourth quarter of 2023, a 20% compounded annual growth rate from the 152 million mDAUs reported in the fourth quarter of 2019.
The company also said it expects to double development velocity by the end of 2023. Development velocity is the number of features shipped per employee that directly drive either mDAUs or revenue.
Additionally, the company reiterated its long-term margin target of a mid-teens GAAP operating margin, or a 40%-45% adjusted EBITDA margin.
Why It's Important: Twitter is coming off a strong quarter, with its fourth-quarter results showing a strong recovery in ad spending thanks to new formats, stronger attribution and improved targeting. The company also suggested 2021 revenue growth is likely to exceed 25%.
The strong cadence bodes well for the company in the near- to medium-term.
TWTR Price Action: At last check Thursday, Twitter shares were rising 7.45% to $77.28.
Related Link: $1,000, 5 Years Later: Twitter Takes Off
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.