TWITTER: Moving Forward With IPO Plans
Twitter is moving forward with plans for their initial public offering by making their prospectus public, getting the ball rolling toward one of the year's most anticipated stock sales. The company plans to use the letters "TWTR" as their ticket symbol.
The micro-blogging social network is worth about $9.7 billion, based on an internal valuation of their shares from August 5th. It also reported 218.3 million average monthly active users in the second quarter, which was up 44 percent from the same period a year ago. The company pulled in $253.6 million, which is more than two times than they made during the same period last year.
In spite of those impressive numbers, Twitter revealed that they're actually losing money, reporting a net loss of $79 million in 2012 and $69 million during the first six months of this year.
Source: The New York Times