Twitter Inc. prepares for the most ambitious quarter of user growth, targeting to grow its monetizable daily active users by 13.00 million.
Accordingly, the social media company’s consumer products division cited the outlook as the highest goal the team has ever set. The internal goal also surpassed the average market forecast of 9.00 million. They added that Twitter is on course to reach the goal. At present, the microblogging platform has achieved 8.50 million in user growth, one of the best rises up to this date.
In the first quarter, the geopolitical crisis in Ukraine boosted user activity on the application. However, time spent on the platform has weakened by 4.00% in the current quarter. Since then, the social media firm has grappled with reaching its longer-term targets. This conflict prompted the business to launch a hiring freeze and cost-saving measures.
Previously, Twitter gained 20.00 million users during the second quarter of 2020, its highest quarterly sequential growth. Users flocked to the platform for news at the onset of the pandemic.
Shares of the firm closed 1.44% or 0.57 points higher to $40.13 per share on Tuesday’s trading session. However, it has lost 5.93% or 2.53 points since the start of the year.
Musk warns to walk away from the Twitter deal
Twitter maintains its ambition to attract new users, although its $44.00 billion acquisition deal by Elon Musk remains uncertain.
On Monday, the billionaire warned he might walk away from the buyout if the business failed to satisfy his requests. He said that the company must provide data to allow him to verify the proportion of spam accounts on the platform.
In public filings, Twitter previously stated that spam and fake accounts represent fewer than 5.00% of quarterly monetizable DAUs.
The Tesla CEO is on the hook to hand in $33.50 billion in cash to fund the purchase. This move is after he arranged debt financing to cover the rest.
