According to IBES statistics, Twitter's internal goal of 13 million new users exceeds Wall Street's expectations.
HIGHLIGHTS
Twitter wants to increase the number of monetizable daily active users.
The leaders of the microblogging service claim that they are on pace to meet their target.
The acquisition of Twitter by billionaire Elon Musk is still up in the air.
Twitter's consumer products division heads warned employees on Tuesday that the firm is gearing up for its most ambitious quarter of user growth yet.
According to an internal conference witnessed by Reuters, Twitter wants to increase its monetizable daily active users, or those who see ads, by 13 million this quarter.
Leaders told personnel that this is the highest target the team has ever set.
They went on to say that Twitter is on course to meet its objective, with 8.5 million new users gained in the last quarter, one of the strongest growth quarters in the company's history.
In afternoon trade, Twitter's stock increased 1%.
Even while its plan to be bought by billionaire Elon Musk remains uncertain, the San Francisco-based startup maintains its desire to recruit new customers.
Musk told Twitter in a filing on Monday that if the business does not disclose data to allow him to independently evaluate the amount of spam and fraudulent accounts on the social media network, he may walk away from the $44 billion (approximately Rs. 3,41,800 crore) purchase.
Spam and false accounts make for less than 5% of the company's quarterly monetizable daily active users, according to public filings.
Twitter's spokesman declined to say more.
Late in the first quarter, the war in Ukraine boosted user activity on Twitter, but time spent on the site has decreased by 4% in the current quarter, according to leaders.
As people rushed to Twitter for news during the start of the epidemic, the site attracted 20 million users in the second quarter of 2020, its largest quarterly sequential increase since at least 2019.
Since then, the firm has failed to meet its longer-term revenue and user growth projections, leading to a hiring freeze and cost-cutting measures.
According to IBES statistics from Refinitiv, Twitter's internal goal of 13 million new users exceeds Wall Street's forecasts, with analysts expecting growth of 9 million on average.
