Twitter aims to raise $1 billion in IPO

Friday 04 October 2013 07.17
Twitter intends to list common stock under the symbol 'TWTR'
Twitter intends to list common stock under the symbol 'TWTR'

Twitter will seek to raise $1 billion in the largest Silicon Valley IPO since Facebook's 2012 coming-out party, according to an IPO filing made public tonight.

The eight-year-old service, the preferred communications tool for celebrities and politicians alike, gave potential investors their first glance at its financials.

Twitter intends to list common stock under the symbol "TWTR."

Revenue almost tripled to $316.9m in 2012, from $106.3m in 2011.

It said about 65% of its revenue derives from mobile users. But the company has not made a penny in profits since 2010.

The service had 218.3 million monthly active users, on average, in the three months ended 30 June.

Three-quarters of its monthly active users are considered mobile users, it said in the filing.