Meaning of the word "increase threefold" in English

What does "increase threefold" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

increase threefold

US /ɪnˈkriːs ˈθriːfoʊld/
UK /ɪnˈkriːs ˈθriːfəʊld/

Phrase

to increase by three times the original amount

Example:
The company's profits are expected to increase threefold this year.
With the new marketing strategy, we aim to increase our customer base threefold.