Twitter doubled revenue, saw deeper losses in Q3

The company's highly anticipated IPO will take place on the New York Stock Exchange

Twitter lost almost as much money in the July-to-September quarter as it did in the first six months of this year, according to a regulatory disclosure made by the company on Tuesday.

Twitter, which is preparing for an imminent initial public offering of its stock to investors, submitted an updated S1 filing to the U.S. Securities and Exchange Commission that contained financial results for the first nine months of its current financial year. Its previous filing had only contained figures for the first six months, from February until the end of June.

The company said revenue in the three-month period was US$169 million, just over double that achieved during the same period a year earlier and a quarterly record for the fast-growing company.

But just as revenue climbed, losses were also sharply higher. Twitter racked up a net loss of $64 million in the three-month period -- three times worse than the third quarter of its previous fiscal year and almost as much as it lost in the previous six months combined.

The losses were driven by much higher spending on sales and marketing and research and development, which are not uncommon areas of focus for young companies like Twitter.

During the quarter, the company saw its average monthly users climb to 231.7 million, up from 167.1 million in the same period of 2012.

Just over three-quarters of those users accessed the service from a mobile device, which includes phones and tablet PCs. Such platforms now account for 70 percent of the company's advertising revenue, and Twitter said it expects both that percentage and the number of mobile users to continue to grow.

In the S1 filing, Twitter also said it plans to list its shares on the New York Stock Exchange. The initial public offering, which is likely to be one of the hottest of the year, will see the company list its shares under the ticker symbol TWTR.

The selection of the New York Stock Exchange represents a big win for the market over the rival Nasdaq, which is home to many major tech companies.

Twitter has yet to determine a price or date for the listing.

Martyn Williams covers mobile telecoms, Silicon Valley and general technology breaking news for The IDG News Service. Follow Martyn on Twitter at @martyn_williams. Martyn's e-mail address is martyn_williams@idg.com

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags business issuesInternet-based applications and servicesSEC Filingstwittersocial mediainternet

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Martyn Williams

IDG News Service
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Kurt Hegetschweiler

Brother PocketJet PJ-773 A4 Portable Thermal Printer

It’s perfect for mobile workers. Just take it out — it’s small enough to sit anywhere — turn it on, load a sheet of paper, and start printing.

Matthew Stivala

HP OfficeJet 250 Mobile Printer

The HP OfficeJet 250 Mobile Printer is a great device that fits perfectly into my fast paced and mobile lifestyle. My first impression of the printer itself was how incredibly compact and sleek the device was.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?