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TWITTER WILL BE coming off its biggest quarterly loss in the past three years when it brings its IPO to the New York Stock Exchange later this autumn.
A regulatory filing yesterday revealed that Twitter Inc. will list its shares on the NYSE instead of the traditionally tech-friendly Nasdaq Stock Exchange.
The documents also disclosed Twitter’s financial results for the three months ending in September. The San Francisco company lost $65 million, tripling from the same time last year.
The setback was the worst Twitter has suffered in any quarter since 2010.
A target date or a price range for Twitter’s initial public offering hasn’t been set yet, although most analysts expect the process to be completed before the US Thanksgiving holiday.
When trading in the shares does begin, it will be under the ticker symbol “TWTR” on the NYSE
The news is an upset for the Nasdaq, which has traditionally been the place for technology IPOs. The exchange was looking to redeem itself after last year’s Facebook’s IPO, which was marred by trading-order failures and delays. As a result, the Securities and Exchange Commission in May fined the exchange $10 million, the largest ever levied against an exchange.
Both exchanges had heavily courted Twitter.
The NYSE has wooed a growing list of companies recently, including 10 of the 20 largest technology IPOs so far this year, according to research firm Dealogic.
Winning an IPO is always a big deal for an exchange, but a high-profile name like Twitter is an especially coveted prize. As long as Twitter’s IPO goes well, it should give the NYSE an edge in luring other up-and-coming companies, particularly in the fertile area of social media.
“We are grateful for Twitter’s confidence in our platform and look forward to partnering with them,” NYSE spokeswoman Marissa Arnold said in a statement.
A Twitter spokesman declined to comment beyond the announcement.
(Twitter CEO, Dick Costolo, gives a speech at the Cannes Lions 2012. Pic: AP Photo/Lionel Cironneau)
Twitter still hasn’t posted a profit since it started as a side project within another start-up more than eight years ago. The company has now lost a total of $483 million in its brief history.
Some of those losses have been by design. Twitter held off on trying to generate revenue during its early years while management focused on making the service more reliable and widening its audience.
By some measures, the strategy has proven to be successful.
In a development likely to hearten prospective investors, Twitter’s revenue for the latest quarter more than doubled from last year to nearly $169 million.
Twitter ended September with 232 million active users, up from 218 million in June.
The company’s user growth has been slowing though. What’s more, most of the traffic is coming from outside the US, including many less affluent countries that aren’t as attractive to advertisers.
Twitter got only 26 per cent of its revenue from advertisers outside the US while 77 per cent of its audience came from overseas.
The losses are starting to drain Twitter’s bank account, giving added incentive for the company to go public. Twitter is hoping to raise $1 billion in its IPO.
It ended September with $321 million in cash, down from $375 million in June.
The company also added another 300 employees during the latest quarter to expand its workforce to 2,300 people.
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Speaking from experience, the amount of assaults reported is nothing to compare as to the amounts happening. Between drug and alcohol abuse and dementia it’s nearly an everyday occurrence. It’s not going to change. Most of the damage is done before security arrive.
@Mary Ryan: This is a fact. As a patient myself I witnessed two Porter’s being assaulted by a group of people. They asked the nurse in charge that it be recorded in some book, and were told she was too busy come back later. One replied, the usual, never then but if it was a nurse…
Only 1 way to sort this, Zero tolerance , major fines /jail time.its just not good enough that people doing this job are at risk.
Let me guess 300 suspended sentences too
*300 assaults have been reported. And probably mostly serious ones. A lot more happening that get swept under the carpet. A very difficult job that is taken for granted.
Perpetrators need to know that actions have consequences,
What’s happened to Ireland it’s rapidly going down the toilet and getting out of control ?
@Melanie Tournier: It’s nothing new sadly, more a case of lack of “maintenance” in hospital funding, health policy, policing and the criminal justice system exasperating, amplifying and highlighting underlying issues.
How many prosecutions have been made? Mandatory sentences should apply to thugs, alcoholics and drug addicts who attack hospital staff, not enough prison places, build private ones like they have in the USA…
@Charles Coughlan: private prisons are and shall remain a terrible idea
@Charles Coughlan: “build private ones like they have in the USA”
Terrible idea. Private prisons turn law and order into a business, a numbers game where all that matters is the bottom line. It leads to aggressive prosecution of minor offences and the incarceration of addicts, prostitutes and others who should be helped rather then locked up. It has corrupted justice in the US to a shameful degree.
Law and order should only be managed and controlled by the government and by the consent of the people.
In fairness, some of the patients can’t help it. When someone with Alzheimer’s or dementia lashes out because of fear etc it’s generally not reported. If it is, it’s only to try and get extra resources for them. Patients waking up from general anaesthetic throw the odd box as they’re so disorientated. Again, never reported
@rosetheone: True…some patients can’t help it but with the drunks and drug addicts… its self inflicted….and I still have a duty of care to those people, but I should not be subjected to the level of abuse I am, in the course of doing my job, without proper measures in place to safeguard my well being.
@rosetheone: Exactly. Infections especially uti’s play havoc with older peoples brains…they don’t mean it. I’ve seen elderly people as gentle as lambs hit out and get aggressive because of an infection they have. I nearly got my arm broken by an 88 year old man! and I’m strong!! .The strength of him. And he jumped out of bed when I managed to free myself and ran for us. We had to lock ourselves in the kitchen. We did laugh after it over the madness of it…but it’s kept me on guard…
@rosetheone: But it should be reported. No one is ever going to do a thing to help unless every assault is logged. Report it. Every time.
I really think people who commit crimes and are getting off on suspended sentences etc should all be made do community service, pick up litter and the sort. Actually having to go out and do a bit work would kill them. Same for people on long term unemployment as on never had a job.
Have a separate clinic/building for the drug addicts, hospital tourists, and stop escorting Joy prisoners into a public space.
Also, you see those backed up trollies belonging to Dublin fire brigade, come up with a better way to register patients so these men/women and ambulances can get back on the road.
@M: completely agree about prisoners sitting around the public cafes hand cuffed. They should be in their room, not parades around and made a spectacle of because the POs want a change of scenary
@rosetheone: Mad isn’t it. Trust me, it doesn’t happen in Spain, Italy, France but possibly the UK.
Spent a night recently in Tallaght University Hospital A&E. Not for the faint hearted. The real dregs of society assaulting and shouting racist abuse at the security guards and at the triage nurse. The nurse to be fair was having none of it and put them in their place, which I really admired. I do worry about the type of people being raised now and given how reliant they are on state do nothing but bring it down for those who pay for it all.
@Darren Bates: All the same, they don’t sound very employable either.
Completely exaggerated. Who comes up with these numbers. Lies.
@Vory2Stars: Any back-up for that dismissal?
@Alan McArdle: Yes.
@Vory2Stars: do tell.
@Alan McArdle: I assaulted at least 400 since January.
@Vory2Stars: Troll! Go comment elsewhere!!
@DeeM: I’m not a troll. Fake news.
@Vory2Stars: yes you are…not fake news!! I’m an A&E nurse in Beaumont….I have been assaulted by drunks, drug users and people with mental health issues…4 times this year….so far!
@Vory2Stars: surprised you’ve survived. Although suppose you were in the right place after getting a hiding.
@G Manning: hopefully the boll0x was left on a trolley for hours.
@M: No I was in and out like Mike Tyson.
@DeeM: Stinger.
So not one doctor was assaulted……….really?
And how many patients are killed or suffer irreparable life changing injury as a result of mal-practice/negligence by Nurses, Doctors etc??? Another case in the courts this week where a woman died (murdered) because the wrong drug dosage was given for a number of weeks! €280,000 comp payout but no one goes to prison.
@Fred Coloe: Why don’t you become a doctor/nurse Fred?
@Fred Coloe: you seem to think you could do a better job
@Fred Coloe: human error Fred, and an bord altrainis do sanction nurses in these cases, up to and including dismissal,
Never going to change, until nurses take time off for verbal as well as physical assaults, and sue their employers, truth
have your say