Posts tagged “Twitter”
What does social media have to do with being a college basketball coach? A lot more than you think, according to NCSU men's basketball coach Mark Gottfried. Read what he had to say at the Internet Summit.
Twitter, which raised $2.09 billion in its initial public offering this week, declined to $41.65 at the close in New York from yesterday's $44.90. Today marked the company's first full day of trading after setting an IPO price of $26.
By the closing bell, the social network that reinvented global communication in 140-character bursts was valued at $31 billion -- nearly as much as Yahoo Inc., an Internet icon from another era, and just below Kraft Foods, the grocery conglomerate founded more than a century ago.
In the 18 months since Facebook's IPO, only three U.S. consumer-Web companies have held IPOs, with other startups such as Airbnb Inc. and Evernote Corp. putting off share sales. Twitter could accelerate the current momentum -- or kill it.
As Twitter prepares to complete its initial public offering of stock this week, the San Francisco company's history of losses totaling nearly $500 million is raising questions about its ability to turn a cultural phenomenon into a sustainable business.
In a reflection of the demand for Twitter's stock, the 7-year-old short messaging service on Monday boosted the price range for the IPO to $23 and $25 per share. The San Francisco company had set a range of $17 to $20 per share before Twitter executives began pitching investors interested in the IPO in a series of meetings that began last week.
Twitter plans to sell 70 million shares at $17 to $20 each in the offering, according to a regulatory filing Thursday. That would value the company at $10.9 billion at the top end of the range, cheaper than Facebook and LinkedIn, based on the 544.7 million common shares outstanding after the IPO. The IPO is set to price Nov. 6, according to data compiled by Bloomberg.
The San Francisco-based company said in a filing Tuesday that its revenue was $168.6 million in the period, up from $82.3 million a year ago. Its net loss expanded to $64.6 million from $21.6 million. Twitter also said it will list its shares on the New York Stock Exchange.
Opinion: Vivek Wadhwa, a former triangle entrepreneur and an academic at Duke as well as several other universities, calls out Twitter CEO Dick Costoloo about the lack of female representation in the company's senior management and board. Costello has reacted strongly to Wadhwa's remarks, calling him the "Carrot Top" of academia. Wadhwa has demanded an apology.
Twitter's user growth is slowing and it shows no sign of turning a profit. Some fund managers say that's not going to stop the microblogging service's $12.8 billion valuation from treading higher. Much higher.
The San Francisco-based company on Thursday made its prospectus public, in a document that contrasted with Facebook's S-1 last year. In its filing, Twitter showed more risk factors than its rival, published a much shorter letter to prospective shareholders, and dodged some of the issues that hampered Facebook - such as a lack of mobile advertising - when it went public.
Twitter, which said last month that it confidentially filed for an initial share sale, will publicly disclose its prospectus this week, according to people with knowledge of the matter. Money managers such as Manulife Asset Management LLC and Thornburg Investment Management Inc. want to know how good a job Twitter is doing wringing revenue from each user -- and how it stacks up against competitors.
Ads on smartphones and tablets will make up more than half of Twitter's ad revenue this year, according to EMarketer Inc. That puts it ahead of Facebook, which generated 41 percent of its ad revenue from mobile promotions in the latest quarter. Google, the largest search engine, is estimated to get slightly less than one quarter of its revenue this year from mobile ads, EMarketer said.
Twitter is going public, telling the world about its IPO plans via a Tweet in what could be the most anticipated IPO since Facebook.
Corporations wants to jump onto the social media bandwagon. But companies so far have yet to see much bang for their buck, according to a survey of marketing executives conducted by Duke University.
The Syrian Electronic Army, which backs the country's president, Bashar al-Assad, has also claimed responsibility for hacking the Washington Post earlier this month and the Financial Times in early May, redirecting readers to its own websites and videos.