Twitter Files To Raise $1B From Public Offering

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

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

Revenue almost tripled to $316.9 million in 2012, from $106.3 million in 2011, according to an S-1 filed with the Securities and Exchange Commission. It said about 65 percent of its revenue derives from mobile users. But the company has not made a penny in profits since 2010.

Through the first six months of this year, revenue came to $253.6 million and the company posted a net loss of $69.2 million.

The service had 218.3 million monthly active users, on average, in the three months ended June 30. Three-quarters of its monthly active users are considered mobile users, it said in the filing.

Twitter intends to list common stock under the symbol “TWTR.”

Photo courtesy of Shutterstock.