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Twitter Files to Raise $1 Billion, Company Not Profitable, Will Trade Under TWTR (GigaOM)
Twitter had revenue of $253 million in the first six months of 2013 but it was not profitable, according to its S-1 prospectus, which was made public late Thursday. The company filed the official IPO documents several weeks ago under the new JOBS Act, which allows companies with a market value of less than $1 billion to keep their filing hidden from public view for at least three weeks. The company said it plans to raise a maximum of $1 billion in the offering. NYT / Bits The company’s revenue, according to its newly filed prospectus, jumped to $317 million in 2012, almost triple its 2011 revenue of $106 million and more than 11 times its 2010 revenue of $28 million. Twitter narrowed its loss to $79 million last year, from $128 million in 2011. In 2010 it lost $67 million. About 85 percent of the company’s revenue comes from advertising, with the remainder coming from data licensing. AllThingsD Its symbol will be TWTR, but Twitter did not say where its stock would be traded. BuzzFeed / FWD Based on figures from the S-1, we calculated Twitter’s revenue per employee to see how the fledgling company compares with its peers. As it stands, it’s got a long way to go. Twitter makes less than $160K per employee. By comparison, Google makes more than $1 million. Twitter’s average revenue per employee is also less than Facebook, Yahoo!, and Zynga. TechCrunch Twitter lists a number of risk factors in the filing, noting that the business could be harmed if “influential users, such as world leaders, government officials, celebrities, athletes, journalists, sports teams, media outlets and brands or certain age demographics” conclude that an alternative product or service is more relevant; it is unable to convince potential new users of the value and usefulness of its products and services; or it is unable to combat spam or other hostile or inappropriate usage on the platform. AllThingsD Twitter has a growth problem. The company reported more than 215 million monthly active users in its S-1 Filing on Thursday. At the bare minimum, that means that as of June 30, the company has added on average only 15 million monthly active users since the company hit more than 200 million late last year. GalleyCat In the IPO, the company counted “one million third-party” websites that share tweets (including our GalleyCat feed in the lower right hand corner).
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We think Slate is reading too much into the movie. It’s more of a coincidence than a pattern. Right?
Of course, if Carl Weathers usurps an incumbent LA County Board of Supervisor or something – we’ll stand corrected.