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Twitter Stock Hits Record High on Aggressive User and Revenue Growth Estimates

Company's stock price jumped 5% after Twitter projected it would grow from 192 million users to 315 million by the end of 2023

Twitter continued its recent Wall Street surge on Thursday, with the social media giant's stock price hitting a new all-time high after it revealed ambitious goals in revenue and user growth.

A few hours into trading on Thursday, Twitter's stock price was up 5.3% to nearly $76 per share, and at one point earlier in the morning, had climbed above $80 per share. Those gains put Twitter on pass to top its previous all-time high closing price of $73.96, which it set last week.

Twitter's spike came after the company outlined several long-term targets earlier in the day. In particular, Twitter said it expects its daily user count to climb from 192 million to 315 million by the end of 2023, and that its annual sales will also double in that time from about $3.7 billion to $7.5 billion. On top of that, Twitter said it plans on "doubling the number of features shipped per employee that directly drive either daily active users or revenue." In short: More features, more users, more revenue.

Those goals were outlined in a SEC filing on Thursday morning and later followed up on during Twitter's (virtual) analyst day presentation.

Twitter was already on a nice run heading into Thursday, with the company's share price jumping from about $46 in mid-January to the $70 range before sharing its projections. Twitter posted its latest earnings report earlier this month, showing better-than-expected sales despite user growth lagging in comparison to earlier quarters.