Social media posts made in haste have proved to be career-enders or at least job-enders for people in the digital age. Fireme! promises to help workers avoid the pitfalls of passive aggressive tweets. (Photo by Oli Scarff/Getty Images)
Hide Caption

Twitter (Twtr) unseals IPO papers, hopes to raise $1 billion by selling stock

a a a a
Share this story

NEW YORK (AP) -- Twitter has unsealed the documents for its planned initial public offering of stock and says it hopes to raise up to $1 billion.

The company is also disclosing that it generated $317 million in revenue in 2012 and that it had more than 218 million active users as of the end of June, up 44 percent from a year earlier. That compares with Facebook's nearly 1.2 billion and LinkedIn's 240 million.

The company disclosed last month that it had filed confidential IPO papers to start the process of going public. On Thursday, San Francisco-based Twitter Inc. unsealed the papers with the Securities and Exchange Commission.

Twitter booked a larger loss in the first half of this year than a year earlier, but it grew revenue. The company lost $69.3 million in the first six months of 2013, compared with $49.1 million at the same time last year. Revenue more than doubled to $254 million from $122 million.

Twitter did not say which stock exchange it plans to list its shares on, though the company said it intends to use the ticker symbol "TWTR."

The underwriters of the offering are Goldman Sachs, Morgan Stanley, JP Morgan, BofA Merrill Lynch, Deutsche Bank Securities and CODE Advisors.

Twitter's IPO has been long expected. The company has been ramping up its advertising products and working to boost ad revenue in preparation. But it is still tiny compared with Facebook, which saw its hotly anticipated IPO implode last year amid worries about its ability to grow mobile ad revenue.

Twitter's moneymaking potential has minted the company with an estimated market value of $10 billion, based on the appraisals of venture capitalists and other early investors. The IPO could value it higher or lower. PrivCo analyst Sam Hamadeh says he expects Twitter to aim for a market value of about $15 billion when it prices its IPO.

--

AP Technology Writer Michael Liedtke contributed to this story from San Francisco.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Print this article

Comments

Hmm... It looks like you’re not a WCPO Insider. or Subscribe now to contribute!

More Technology News
Internet TV case: Justices skeptical, concerned
Internet TV case: Justices skeptical, concerned

Grappling with fast-changing technology, Supreme Court justices debated Tuesday whether they can protect the copyrights of TV broadcasters to…

Netflix poised to raise prices after strong 1Q
Netflix poised to raise prices after strong 1Q

Netflix is preparing a sequel unlikely to be a hit with its subscribers. The Internet video service is about to raise its prices for the…

Poll: Big Bang a big question for most Americans
Poll: Big Bang a big question for most Americans

Few Americans question that smoking causes cancer. But they express bigger doubts as concepts that scientists consider to be truths get…

High court takes up TV over Internet case
High court takes up TV over Internet case

The Supreme Court is taking up a dispute between broadcasters and an Internet startup company that has the potential to bring big changes to…

Joss Whedon to release new movie as download
Joss Whedon to release new movie as download

Joss Whedon is releasing a film he wrote as a $5 digital download, bypassing the normal channels of independent film distribution.

REPLAY: SpaceX rocket blasts off from Cape
REPLAY: SpaceX rocket blasts off from Cape

A SpaceX commercial rocket blasted off from Cape Canaveral on schedule Friday afternoon and is heading to the International Space Station.

5 features Amazon smartphone might offer
5 features Amazon smartphone might offer

Rumors of an Amazon smartphone reached a fever pitch this week, with several tech blogs speculating that the device could be due out this year.

An airline oops tops digital week in review
An airline oops tops digital week in review

Each week, we recap the stories and trends that made headlines in the digital world. Read on to see what you missed.

NASA's moon-orbiting robot crashes down
NASA's moon-orbiting robot crashes down

NASA's robotic moon explorer, LADEE, is no more. Flight controllers confirmed early Friday that the moon-orbiting spacecraft crashed into…

Tiny power plants hold promise for nuclear power
Tiny power plants hold promise for nuclear power

Small underground nuclear power plants that could be cheaper to build than their behemoth counterparts may herald the future for an energy…