Twitter gears up for its most ambitious quarter of user growth

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• Jun 8, 2022 | Guriya Khatun

According to IBES data 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.

Digital Desk: Twitter's consumer products division heads said to employees
on Tuesday that the firm is gearing up for its most ambitious quarter of user
growth yet. Twitter wants to increase its monetizable daily active users, or
those who see ads, by 13 million this quarter, reports stated.

Moreover, the leaders told the staff 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 added in the last quarter, one of the
best growth quarters in the company's history.

Shares of Twitter rose
1% in afternoon trading.

Even while its plan to be bought by billionaire Elon Musk
remains uncertain, the San Francisco-based startup maintains its desire to
attract new customers.

Musk told Twitter in a filing on Monday that if the
company does not disclose data that allows him to independently verify the
proportion of spam and fraudulent accounts on the social media network, he may
walk away from the $44 billion transactions.

Spam and false accounts contribute to less than 5% of
quarterly monetizable daily active users, according to the company's public filings.

Twitter's spokesman declined to say further.

Notably, late in the
first quarter, the war in Ukraine boosted user activity on Twitter, but time
spent on the platform has decreased by 4% in the current quarter, according to
leaders.

As people flocked to Twitter for news at the start of the
epidemic, the site attracted 20 million users in the second quarter of 2020,
its largest quarterly sequential growth since at least 2019.

Since then, the company has struggled to meet its
longer-term revenue and user growth projections, leading to a hiring freeze and
cost-cutting measures.

According to IBES data
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.