Twitter pulled back the curtain on its $1 billion initial public stock offering on Thursday, revealing that the social network is still unprofitable.
In its first public financial statement, Twitter said it lost $79.4 million on about $317 million in sales in 2012.
The company is on track for an even steeper loss in 2013. It already has racked up $69 million in losses during the first six months of this year. But sales are also rapidly increasing: Twitter recorded $254 million in revenue during the same period.
Twitter, which was founded in 2006, has not recorded a profit for at least the past three years — the time period for which the company was required to disclose its financial information. Losses came in at $67 million in 2010 and $164 million in 2011.
But there were some bright spots in Twitter’s IPO filing. Unlike Facebook (FB) at the time of its IPO, Twitter’s mobile business is currently booming
From my perspective, I think I’ll stick to LinkedIn for now.