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 Good Gear Guide newsletter!

Error: Please check your email address.

Tags business issuesInternet-based applications and servicesSEC Filingstwittersocial mediainternet

Our Back to Business guide highlights the best products for you to boost your productivity at home, on the road, at the office, or in the classroom.

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

Essentials

Microsoft L5V-00027 Sculpt Ergonomic Keyboard Desktop

Learn more >

Lexar® JumpDrive® S57 USB 3.0 flash drive

Learn more >

Mobile

Lexar® JumpDrive® S45 USB 3.0 flash drive 

Learn more >

Exec

Lexar® JumpDrive® C20c USB Type-C flash drive 

Learn more >

Audio-Technica ATH-ANC70 Noise Cancelling Headphones

Learn more >

Lexar® Professional 1800x microSDHC™/microSDXC™ UHS-II cards 

Learn more >

HD Pan/Tilt Wi-Fi Camera with Night Vision NC450

Learn more >

Budget

Back To Business Guide

Click for more ›

Most Popular Reviews

Latest News Articles

Resources

PCW Evaluation Team

Azadeh Williams

HP OfficeJet Pro 8730

A smarter way to print for busy small business owners, combining speedy printing with scanning and copying, making it easier to produce high quality documents and images at a touch of a button.

Andrew Grant

HP OfficeJet Pro 8730

I've had a multifunction printer in the office going on 10 years now. It was a neat bit of kit back in the day -- print, copy, scan, fax -- when printing over WiFi felt a bit like magic. It’s seen better days though and an upgrade’s well overdue. This HP OfficeJet Pro 8730 looks like it ticks all the same boxes: print, copy, scan, and fax. (Really? Does anyone fax anything any more? I guess it's good to know the facility’s there, just in case.) Printing over WiFi is more-or- less standard these days.

Ed Dawson

HP OfficeJet Pro 8730

As a freelance writer who is always on the go, I like my technology to be both efficient and effective so I can do my job well. The HP OfficeJet Pro 8730 Inkjet Printer ticks all the boxes in terms of form factor, performance and user interface.

Michael Hargreaves

Windows 10 for Business / Dell XPS 13

I’d happily recommend this touchscreen laptop and Windows 10 as a great way to get serious work done at a desk or on the road.

Aysha Strobbe

Windows 10 / HP Spectre x360

Ultimately, I think the Windows 10 environment is excellent for me as it caters for so many different uses. The inclusion of the Xbox app is also great for when you need some downtime too!

Mark Escubio

Windows 10 / Lenovo Yoga 910

For me, the Xbox Play Anywhere is a great new feature as it allows you to play your current Xbox games with higher resolutions and better graphics without forking out extra cash for another copy. Although available titles are still scarce, but I’m sure it will grow in time.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?