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Twitter posts $645 million loss for 2013, stock price tumbles

For Twitter's first year as a public company, it bled out $645 million over the course of 2013.

@anthony256
Published Thu, Feb 6 2014 2:32 AM CST   |   Updated Sat, Aug 8 2020 10:29 AM CDT

Twitter has just posted its first earnings statement as a public company, with the social network posting a net loss of $511 million for Q4 2013, but ended the year with a total net loss of a staggering $645 million.

Twitter posts $645 million loss for 2013, stock price tumbles | TweakTown.com

The company did double its revenue last year compared to 2012, hitting $664 million. Unfortunately, Twitter's stock price took a huge 16% hit after the news broke. CEO of Twitter, Dick Costolo, said: "Twitter finished a great year with our strongest financial quarter to date. 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".

Twitter attributed the $645 million loss to "$521 million of stock-based compensation expense, of which $406 million was for restricted stock units previously granted to employees, for which no expense had been recognized, until the effective date of our initial public offering in accordance with [Generally Agreed Accounting Principles]".

NEWS SOURCE:arstechnica.com

Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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