Twitter's losses mount ahead of IPO
Twitter's losses are mounting as the online messaging service prepares to make its stock market debut.
A regulatory filing Tuesday disclosed the San Francisco company lost nearly $65 million during the three months ending in September.
That's the largest quarterly setback that Twitter has suffered during the past three years. Twitter lost about $22 million at the same time last year.
In a development likely to hearten prospective investors, Twitter's revenue more than doubled from last year to nearly $169 million.
But the company's rising losses could dampen some of the enthusiasm for Twitter's initial public offering. The IPO is expected to be completed next month, though the company hasn't set a target date.
Twitter ended September with 232 million active users, up from 218 million in June.
Will list on NYSE
The New York Stock Exchange is edging out its tech-heavy rival for the biggest stock debut of the year.
Twitter says it will list its shares on the NYSE. The micro-blogging service does not say in its latest regulatory filing when it expects to start trading, but the debut is expected before Thanksgiving.
It chose the NYSE over the Nasdaq stock exchange, which fumbled Facebook Inc.'s debut last year, damaging its reputation. Both exchanges heavily courted Twitter, which is expected to be the marquee IPO of the year.
Nasdaq has traditionally been the choice for technology company IPOs, but the NYSE has successfully wooed a growing list of companies recently, including 10 of the 20 largest technology IPOs so far this year, according to research firm Dealogic.
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