Twitter aims to double revenue by 2023, teases new 'super follow' feature
- Wall Street slips off record highs, Tesla drops after fatal crash
- IBM (IBM) Tops Q1 EPS by 14c, Revenue Beats
- Tesla's (TSLA) Musk says data logs from crashed vehicle show Autopilot was not enabled, car did not purchase FSD
- Bitcoin (BTC) Price Fell 20% Off the Highs Over the Weekend as Markets Got 'Too Excited' About Coinbase (COIN), Says Mike Novogratz
- GameStop (GME) CEO Gets the Axe as Ryan Cohen Continues to Make His Mark, Analyst Says Co. Will Likely Look to Tech Sector for New Hires
FILE PHOTO: The Twitter App loads on an iPhone in this illustration photograph taken in Los Angeles, California, U.S., July 22, 2019. REUTERS/Mike Blake
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
By Sheila Dang and Elizabeth Culliford
(Reuters) - Twitter Inc will launch new features and products faster to refresh its business after years of stagnation, the company said on Thursday, aiming to double its annual revenue in 2023.
The stock rose 3.9% to close at $74.71, after hitting an all-time high of $80.75.
"Why don't we start with why folks don't believe in us," said Chief Executive Jack Dorsey at the start of Twitter's virtual investor day presentation. "It comes down to three critiques: we're slow, we're not innovative, and we're not trusted."
The social media network outlined plans including tipping and paid subscriptions to "super follow" some accounts, to attain at least $7.5 billion in annual revenue and 315 million monetizable daily active users (mDAU), or those who see ads, by the end of 2023.
The "super follow" feature, which lets users charge followers for access to exclusive content, will launch this year, a spokesman said.
The site, typically used to broadcast short messages to a wide audience, is also working on building more ways for people to have conversations, it said.
This includes hosting live audio discussions using its 'Spaces' feature, which is being tested with about 1,000 users, and letting people share longer-form content using Revue, a newsletter publishing service Twitter acquired last month.
It is also considering allowing "communities" to be created for particular interests.
Kayvon Beykpour, Twitter's head of consumer product, said creators would be able to customize communities, including setting and enforcing "social norms" beyond Twitter's rules.
At the virtual event, Twitter's policy chief Vijaya Gadde also reiterated the company's support for an open internet. Dorsey said any changes to Section 230, a U.S. law that shields online companies from liability over content posted by users, must be made carefully.
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.
(Reporting by Munsif Vengattil in Bengaluru, Sheila Dang in Dallas and Elizabeth Culliford in New York; Editing by Shounak Dasgupta, Jonathan Oatis and Richard Chang)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Texas police to demand Tesla crash data as Musk denies autopilot use
- Russian air force kills up to 200 militants in Syria -Ifx
- U.S. judge detains two Proud Boys over role in storming Capitol
Create E-mail Alert Related CategoriesGeneral News, Reuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!