20°C / 22°C
  • Sun
  • 29°C
  • 14°C
  • Mon
  • 28°C
  • 16°C
  • Tue
  • 29°C
  • 14°C
  • Wed
  • 30°C
  • 15°C
  • Thu
  • 24°C
  • 15°C
  • Fri
  • 29°C
  • 15°C
  • Sun
  • 18°C
  • 13°C
  • Mon
  • 19°C
  • 12°C
  • Tue
  • 20°C
  • 13°C
  • Wed
  • 21°C
  • 14°C
  • Thu
  • 21°C
  • 14°C
  • Fri
  • 23°C
  • 14°C
  • Sun
  • 32°C
  • 15°C
  • Mon
  • 31°C
  • 17°C
  • Tue
  • 29°C
  • 15°C
  • Wed
  • 30°C
  • 17°C
  • Thu
  • 25°C
  • 16°C
  • Fri
  • 29°C
  • 16°C
  • Sun
  • 32°C
  • 18°C
  • Mon
  • 30°C
  • 15°C
  • Tue
  • 30°C
  • 18°C
  • Wed
  • 32°C
  • 16°C
  • Thu
  • 27°C
  • 16°C
  • Fri
  • 30°C
  • 15°C
  • Sun
  • 23°C
  • 17°C
  • Mon
  • 21°C
  • 17°C
  • Tue
  • 23°C
  • 18°C
  • Wed
  • 22°C
  • 18°C
  • Thu
  • 25°C
  • 18°C
  • Fri
  • 22°C
  • 18°C
  • Sun
  • 19°C
  • 14°C
  • Mon
  • 18°C
  • 12°C
  • Tue
  • 19°C
  • 13°C
  • Wed
  • 19°C
  • 13°C
  • Thu
  • 20°C
  • 11°C
  • Fri
  • 20°C
  • 15°C
  • Sun
  • 21°C
  • 9°C
  • Mon
  • 21°C
  • 7°C
  • Tue
  • 21°C
  • 8°C
  • Wed
  • 27°C
  • 8°C
  • Thu
  • 23°C
  • 9°C
  • Fri
  • 26°C
  • 9°C
  • Sun
  • 16°C
  • 12°C
  • Mon
  • 17°C
  • 11°C
  • Tue
  • 17°C
  • 12°C
  • Wed
  • 21°C
  • 12°C
  • Thu
  • 19°C
  • 12°C
  • Fri
  • 21°C
  • 13°C
  • Sun
  • 32°C
  • 16°C
  • Mon
  • 31°C
  • 18°C
  • Tue
  • 29°C
  • 17°C
  • Wed
  • 32°C
  • 16°C
  • Thu
  • 27°C
  • 17°C
  • Fri
  • 32°C
  • 16°C
  • Sun
  • 30°C
  • 15°C
  • Mon
  • 31°C
  • 12°C
  • Tue
  • 33°C
  • 13°C
  • Wed
  • 34°C
  • 12°C
  • Thu
  • 32°C
  • 16°C
  • Fri
  • 32°C
  • 15°C
  • Sun
  • 30°C
  • 16°C
  • Mon
  • 22°C
  • 17°C
  • Tue
  • 31°C
  • 15°C
  • Wed
  • 26°C
  • 17°C
  • Thu
  • 26°C
  • 16°C
  • Fri
  • 28°C
  • 16°C
  • Sun
  • 18°C
  • 12°C
  • Mon
  • 17°C
  • 10°C
  • Tue
  • 18°C
  • 10°C
  • Wed
  • 19°C
  • 11°C
  • Thu
  • 20°C
  • 10°C
  • Fri
  • 20°C
  • 12°C

Twitter to list on NYSE

The microblogging site is now expected to kick off its investor roadshow on 28 October.

The microblogging site is now expected to kick off its investor roadshow on 28 October.

SAN FRANCISCO - Twitter Inc. revealed on Tuesday a tripling in quarterly losses as it prepares to list on the New York Stock Exchange in one of the year's most anticipated IPOs.

The online messaging service's decision to go with the older exchange deals a blow to the tech-heavy Nasdaq, which bungled Facebook Inc.'s 2012 offering.

Twitter is now expected to kick off its investor roadshow on 28 October where it will pitch its offering to Wall Street before shares start trade in mid-November, two sources familiar with the situation said Tuesday.

In an amended IPO filing on Tuesday, the eight-year-old company showed that it sustained its recent pace of revenue and user expansion in the latest quarter ended 30 September - even though its losses continued to widen.

Among the biggest winners of a successful IPO would be co-founder Evan Williams with a 12 percent stake. Rizvi Traverse, run by Hollywood and Silicon Valley financier Suhail Rizvi, and its affiliates hold 17.6 percent, as the largest institutional holder. JPMorgan Chase's alternative asset management arm holds another 10.3 percent, the filing revealed for the first time. CEO Dick Costolo, an early angel investor, owns 1.6 percent.

Other major stakeholders include Spark Capital and Benchmark Capital, which own 6.8 percent and 6.6 percent of the company, respectively. Union Square Ventures owns 5.9 percent.

Twitter's debut will be the culmination of a journey from side-project to sociocultural phenomenon, one that has become a communications channel for everyone from the Pope to President Barack Obama.

The company more than doubled its third-quarter revenue to $168.6 million. But net losses widened to $64.6 million in the September quarter compared with $21.6 million a year earlier.

And in the three months ended September, Twitter grew its monthly active users 39 percent to 231.7 million on average. That figure was up from about 218 million when the company first disclosed its IPO filing on 3 October.

Those losses were driven partly by a 158 percent surge in sales and marketing spending, as the company ramped up its sales forces in offices around the world to push its advertising platform. Sales and marketing costs rose to $61.2 million from $23.7 million a year earlier.

NYSE OVER NASDAG

Twitter represents the latest loss for Nasdaq OMX Group in recent years. The NYSE Euronext's aggressive campaigning helped snag LinkedIn Corp and Pandora Media Inc., amongst other high-profile consumer-tech debutantes.

Both bourses vied fiercely for the prestige of hosting Twitter. But analysts had predicted that Facebook's debut, marred by a series of technical glitches that delayed the start of trading, could weigh against the Nasdaq.

Nasdaq CEO Robert Greifeld flew to Twitter's San Francisco headquarters as recently as October 4 to make one last unsuccessful pitch for listing on his exchange, a person close to Twitter said.

In a statement, the Nasdaq said it "wished Twitter well."

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus