WASHINGTON — Twitter, the social media microblogging service, is looking to hit the open market by filing an IPO (initial public offering).
Reuters reported that the eight-year-old social media service is trying to lure investors with revenue growth when the service had not made a profit the past three years.
Its revenue tripled in 2012 to $316.9 million which was pushed by advertising, and in the first half of this year, its revenue hit $253.6 million yet posted a loss of $69.3 million. Per user, it earned 64 cents on the dollar on average while Facebook had around $1.60 according to Reuters estimates.
The company admitted that it is heavily reliant on advertising, which made up 87% of its revenues for the first half of this year 2013.