Twitter Reports It Lost Over $645 Million in 2013, Stock Price Plummets
In its first quarterly earnings statement since the company’s initial public offering last year, Twitter is definitely not soaring.
Twitter reported a net loss of over $511 million in the fourth quarter of 2013 and ended the year with a total net loss of over $645 million. However, the company more than doubled its revenue in 2013 when compared to the previous year, reaching $664 million.
In after-hours trading, its stock price has fallen over 16 percent as of this writing.
“Twitter finished a great year with our strongest financial quarter to date,” said Dick Costolo, CEO of Twitter, in a statement. “We are the only platform that is public, real-time, conversational, and widely distributed, and I’m excited by the number of initiatives we have underway to further build upon the Twitter experience.”