Twitter to list stock on New York Stock Exchange
Losses deepen as company prepares to go public
Twitter, the social media firm planning an initial public offering this fall, says it will list on the New York Stock Exchange.
It did not say when its stock is set to begin trading, but it is expected to be before the U.S. Thanksgiving holiday, which is Nov. 28. It will use the stock symbol TWTR.
Historically, tech companies and startups have gone with the Nasdaq exchange, but the Nasdaq has recently faced technical glitches that shut it down for hours at a time. Fumbling the Facebook IPO last year also hurt Nasdaq's reputation.
Earlier this month, San Francisco-based Twitter filed papers with the SEC saying it hopes to raise up to $1 billion US.
Founded in 2006, Twitter has never turned a profit and has an uninterrupted history of losses totalling $419 million since its inception. But its revenue is growing and should top $500 million this year.
Twitter also disclosed in a regulatory filing Tuesday that it lost nearly $65 million through the three months ending in September. That was the company's biggest quarterly loss in three years. The company lost $22 million in the same quarter of the previous year.
However, Twitter said its quarterly revenue doubled from last year to nearly $169 million, while the number of active Twitter users rose to 232 million at the end of September from 218 million in June.