Twitter Losses Grow in 3rd Quarter

Talk about tweetering on profitability. As popular social media network Twitter Inc. prepares for its IPO on the New York Stock Exchange, new financial details highlighting its struggles have come to light. In a filing, Twitter disclosed that its net loss for the third quarter in 2013 was $64.6 million, up from $21.6 million in the same quarter a year ago. On the other hand revenue has grown steadily, doubling to $168.6 from the previous year’s third quarter of $82.3 million. Continuing the theme of good and bad news, the average price of each ad it has sold is down over 75 percent, but users are clicking on or retweeting those ads 15 times more than in 2012. While an exact date for Twitter’s IPO hasn’t been announced, some analysts expect the company will get the ball rolling around the end of October. Twitter now has 232 million active users worldwide, compared to Facebook’s 1.2 billion.