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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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Am I the only one with a shred of sympathy for the animals that were shot / drowned?!
No – but I’ve more sympathy for the loss of Human life.
I’ve more sympathy for the loss of the tiger. They’re rapidly going extinct.
200 White tigers left in the world. 7,200,000,000 people. The tiger was just hunting to eat. They’ll soon be gone from our planet forever.
That’s 36 million people for every one white tiger.
Why is that Chris?
What is what? she asked is she the only one with sympathy for the tiger I said no but I’ve more sympathy for the loss of human life.
The poor Tiger
Hold on a minute, how exactly can you not feel sorry for this guy? From the sounds of it he was walking down the street and was attacked by a tiger! It’s not the tigers natural habitat so the guy is clearly not in the wrong, more so wrong place wrong time. Compare this to shark attacks where people are in the sharks natural habitat then you people feel sympathy for the person not the shark. Just because it’s a rare animal doesn’t mean the guys life shouldn’t matter.
Ross, yeah we do feel sorry for the guy. I just have more sympathy for the death of one of the last white tigers on the plant. This shouldn’t have happened.
Poor tiger poor animals. Poor man rest in peace. Could they not tranquilze it. Hardly its fault they put it in post ion so he could eat a human. Stupid asshls
Would you be saying that if your wife, husband, son, daughter had just been mauled?
Well yeah I would be still saying that. It’s not like you’d suddenly lose all sense of logic and go “No, they did this our of maliciousness and deserve to die.”
This whole thing was bound to have been stressful on the, so in addition to being hungry they were probably quite agitated.
Lions and tigers and bears oh my
Very good. Bit embarressed that i get your reference.
Can’t beat the classic Winnie the Pooh. Nothing to be embarrassed about..
This is what comes of keeping animals in captivity in zoos, unfortunately. They should be allowed to roam free in their own habitat in the wild.
What habitat? It’s pretty much all gone now. This is no longer any wilderness to release these animals safely into.
Sort out the civil wars, habitat destruction, and poaching first. This “Why can’t we just release them all” mentality is utterly ridiculous and lacking any sense of logic, emotional thinking that completely ignores the facts at hand.
What about the species that would now be extinct if it weren’t for captive breeding programmes? What about the species that are now coming back from the verge of extinction, both in captivity and in their natural habitats because of captive breeding and release programmes?
I long for the day when all animals can live free in their natural habitats, but that day is a looooong way off, if it’s even a possibility for us as a race to achieve, since we continue to destabilise regions and destroy habitats. Look at the blanket ban on the use of elephants in the logging industry in Thailand. Overnight they went from work animals that had been used as such for centuries (essentially becoming domesticated work stock) to prey for poachers operating over the Burmese border, and commodities to be exploited by unscrupulous tourism operators. From valued assets that the logging companies had a vested interest in caring for and keeping safe, to victims of illegal trade and debased victims sleeping in car parks. All because of the same senseless, emotive ideals people like you chose to advocate over what’s actually best for the animals.
What a mess. First the city is destroyed by flooding, then they have to worry about dangerous animals roaming the streets
Come in to Dublin City Centre sometime, there’s no shortage of dangerous animals roaming the streets here.
Sad. I always love when nature gets one up on us.
So the Georgian authorities announced that all the animals had been killed/captured yet the next day some poor sod gets mauled by a tiger??
How could they not know that some animals were still on the lose? Is there more of them still roaming around looking for a tasty meal? Now, back to my expensive cup of coffee…
“it has been liquidated” did they blend it up after or what?
have your say