Twitter unsealed the documents today for its planned IPO and says it hopes to raise up to $1 billion. The company is also revealing for the first time the amount of money it makes: Founded in 2006, Twitter has never turned a profit and has an uninterrupted history of losses totaling $419 million since its inception. But its revenue is growing. Twitter says it generated $317 million in revenue in 2012 and had more than 218 million active users as of the end of June, up 44% from a year earlier. That compares with Facebook's nearly 1.2 billion and LinkedIn's 240 million.
The company also said that it lost $69.3 million in the first six months of 2013, compared with a loss of $49.1 million for the same period last year. Revenue more than doubled to $254 million from $122 million. The San Francisco-based company unsealed the papers with the SEC, giving potential investors and its user base a look inside its business. 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. Click for more, or see whose money Twitter wants. (More Twitter stories.)
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