Johannesburg, Oct. 5 (ANI): Twitter unveiled its much-anticipated IPO filing after Facebook's launch last year, and the microblogging site's 800-page filing is an interesting read about its growths and attempts to make money from its service.
Twitter filed its IPO under the JOBS Act, which allows companies with less than 1billion dollars in annual revenue to keep their IPO documents under seal until management is ready to make formal presentations to investors.
According to News24, Twitter's documents mention that after its co-founder Jack Dorsey sent out the first tweet in March 2006, the company didn't even try to make money for its few years and instead focused on attracting more users and making the service more reliable.
It is the patient approach, which paid off for the site with more than 218 million users and annual revenue soaring to 317 million dollars last year.
Although, the company suffered uninterrupted losses of 419 million dollars since its inception, Twitter can still afford the losses because it has raised 759 million from investors.
The documents further reveal that Twitter is likely to get more ads on its service, taking hints from rival Facebook, which generated revenue of nearly 1.2 billion dollars in Q2, while Twitter's revenue stays at 139 million dollars or just 64 cents per user. (ANI)