Twitter's losses mount ahead of IPO

Twitter's losses mount ahead of IPO
This Sept. 13, 2013, file photo shows a Twitter App and stock tracker on an iPhone, in Koln, Germany. Twitter said Tuesday, Oct. 15, 2013, it will list its shares on the New York Stock Exchange when the company goes public later this year, choosing it over the traditionally tech-friendly Nasdaq Stock Exchange. (AP Photo/dpa, Marius Becker, File)

Twitter's losses are mounting as the online messaging service prepares to make its stock market debut.

A regulatory filing Tuesday disclosed the San Francisco company lost nearly $65 million during the three months ending in September.

That's the largest quarterly setback that Twitter has suffered during the past three years. Twitter lost about $22 million at the same time last year.

In a development likely to hearten prospective investors, Twitter's revenue more than doubled from last year to nearly $169 million.

But the company's rising losses could dampen some of the enthusiasm for Twitter's . The IPO is expected to be completed next month, though the company hasn't set a target date.

Twitter ended September with 232 million active users, up from 218 million in June.


Explore further

Twitter to list on NYSE (Update)

© 2013 The Associated Press. All rights reserved.

Citation: Twitter's losses mount ahead of IPO (2013, October 16) retrieved 3 April 2020 from https://phys.org/news/2013-10-twitter-losses-mount-ipo.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
0 shares

Feedback to editors

User comments