Twitter to list on the New York Stock Exchange as losses continue

Reports from Twitter’s S-1 for the third quarter has revealed that the social network, Twitter, will list its shares on the New York Stock Exchange (NYSE) during its initial public offering (IPO) which is expected to commence on the 15th of November if reports from insiders are to be believed.

“This is a decisive win for the NYSE, we are grateful for Twitter’s confidence in our platform.” NYSE’s Scott Cutler revealed.

Img: AP

This is a blow to Nasdaq which has been known for listing tech companies during their initial public offerings. Nasdaq had glitches when it listed Facebook last year which later led to settling SEC about $10 million.

It also suffered a three hour halt of trading last year which is popularly known as flash freeze. Twitter’s initial public offering is the most anticipated since Facebook’s in 2012 and is expected to raise more than a billion dollars during the IPO.

Twitter has also revealed its financial records for the third quarter of the year which ended in September. Twitter has continued the thread of increasing its revenues and losses at the same time.

Twitter made $422.2 million in the first 9 months of the year, a 106% increase from the same time in 2012. Likewise, the net loss in the first 9 months is $133.9 million which is an 89% increase from the same time in 2012.

Its revenue for the third quarter was $168.6 million, up from $82.3 million for the same period last year. The net loss also increased from $21.6 million in the third quarter of 2012 to $64.6 million this year.

Twitter’s monthly users have also increased from 218 million in the second quarter to 232 million in the third quarter. Twitter’s users from mobile have increased to 76% of the total users while revenues from mobile users accounted for 70% of the revenues (compared to 65% in the second quarter) which is a good sign for the social site.

Twitter’s largest stockholder is the Rizvi Traverse Management which has a 17.9% stake in the company. Co-founder Evan Williams remains second biggest stockholder with 12% stake in the company. JPMorgan Chase and Spark Capital have 10.3% and 6.8% stake in the company respectively.

Posted in internet, Twitter