Twitter Shares Surge 75% on Public Stock Market Debut

Posted by Techvibes NewsDesk

Twitter shares surged 75% on New York Stock Exchange on the social network's first day of trading.

Shares opened at $26 but skyrocketed to more than $45, valuing Twitter at almost $26 billion.

It's believed the IPO generated nearly $2 billion for Twitter. That would make it the third-largest IPO of 2013 in the US.

The company, which remains unprofitable after seven years, generated $253 million during the first half of this year. 65% of Twitter's ad revenue is generated from mobile. But the microblogging network posted a net loss of almost $70 million in the first half of this year—a greater loss than the same period last year. Its total defecit is now in excess of $400 million.

The microblogging platform claims 218 million active monthly users, up 44% from last year. The company earns 64 cents of revenue per user.

Company:
Twitter
Website:
http://www.twitter.com
Location:
San Francisco, California, United States

Twitter is a privately funded startup with offices in the SoMA neighborhood of San Francisco, CA. Started as a side project in March of 2006, Twitter has grown into a real-time short messaging service that works over multiple networks and devices. In countries all around the world, people follow the sources most relevant to them and access information via Twitter as it happens—from breaking world news to updates... more


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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more



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