MICROBLOGGING SOCIAL NETWORK Twitter has filed for its initial public offering (IPO) and revealed some details about its business.
Twitter's filing reveals that the firm had $253.6m in total revenues for the first half of 2013, and it has seen higher revenues over the last few years.
It has also increased the number of mobile users that access its services, and pulls in around two-thirds of its revenues from mobile advertising.
However, the social network has been a consistent loss maker, and reported a net loss of $79m in 2012 and $69m for the first half of 2013, despite increased advertising revenues and, according to Twitter, 218.3 million monthly active users.
"Revenue in the six months ended June 30, 2013 increased by $131.3 million compared to the six months ended June 30, 2012," it says in its papers.
"In the six months ended June 30, 2013, advertising revenue increased by 119% compared to the six months ended June 30, 2012. The increase was primarily attributable to a 79% increase in timeline views in the six months ended June 30, 2013, compared to the same period in the prior year, as well."
Papers filed with the US Securities and Exchange Commission show that the firm's ticker symbol will be TWTR on the stock exchange. It also reveals that despite consistent losses, the firm is looking to raise $1bn.
They also show that the chap who presently holds the most Twitter shares is Evan Williams, who is credited as having 12 percent of the stock, or 56,909,847 shares. CEO Dick Costolo has 7,589,608 shares and Jack Dorsey has 23,411,350 shares.
Twitter was launched seven years ago. Twitter follows Facebook's IPO by a year. In a letter included in its filing it looked forward to a bright future with potential investors.
"The mission we serve as Twitter, Inc. is to give everyone the power to create and share ideas and information instantly without barriers. Our business and revenue will always follow that mission in ways that improve-and do not detract from-a free and global conversation," it said.
"Thank you for supporting us through your Tweets, your business, and now, your potential ownership of this service we continue to build with you." µ
Tags: Social Media
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