![Twitter](http://youreconomyfriend.com/wp-content/uploads/2015/03/183095517.jpeg)
SAN FRANCISCO — Twitter revealed Tuesday a tripling in quarterly losses as it prepares to list on the New York Stock Exchange in one of the year’s most anticipated IPOs.
The online messaging service’s decision to go with the older exchange deals a blow to the tech-heavy Nasdaq, which bungled Facebook (FB) 2012 offering. Twitter is now expected to kick off its investor roadshow on Oct. 28 where it will pitch its offering to Wall Street before shares start trade in mid-November, two sources familiar with the situation said Tuesday.
In an amended IPO filing Tuesday, the eight-year-old company showed that it sustained its recent pace of revenue and user expansion in the latest quarter ended Sept. 30 — even though its losses continued to widen.
Among the biggest winners of a successful IPO would be co-founder Evan Williams with a 12 percent stake. Rizvi Traverse, run by Hollywood and Silicon Valley financier Suhail Rizvi, and its affiliates hold 17.6 percent, as the largest institutional holder. JPMorgan Chase’s (JPM) alternative asset management arm holds another 10.3 percent, the filing revealed for the first time. CEO Dick Costolo, an early angel investor, owns 1.6 percent.
function jobsearchsubmit_ic(form){var f=document.getElementById(“jobsearchic”);var keywords=document.forms[“jobsearchic”][“keywords”].value;var location=document.forms[“jobsearchic”][“location”].value;f.action=”http://jobs.aol.com/listings/”+keywords+”/”;f.submit();}
Rizvi and his investors, who obtained their shares with the help of Silicon Valley investor Chris Sacca, paid more than $1 billion for their stake, Reuters reported in October.
Other major stakeholders include Spark Capital and Benchmark Capital, which own 6.8 percent and 6.6 percent of the company, respectively. Union Square Ventures owns 5.9 percent.
Twitter’s debut will be the culmination of a journey from side-project to sociocultural phenomenon, one that has become a communications channel for everyone from the Pope to President Barack Obama.
The company more than doubled its third-quarter revenue to $168.6 million. But net losses widened to $64.6 million in the September quarter compared with $21.6 million a year earlier.
And in the three months ended September, Twitter grew its monthly active users 39 percent to 231.7 million on average. That figure was up from about 218 million when the company first disclosed its IPO filing on Oct. 3.
Those losses were driven partly by a 158 percent surge in sales and marketing spending, as the company ramped up its sales forces in offices around the world to push its advertising platform. Sales and marketing costs rose to $61.2 million from $23.7 million a year earlier.
Twitter said its revenue is increasingly coming from mobile devices, the preferred way for most users to log on. In the three months ending through September, more than 70 percent of advertising revenue came from phones and tablets versus 65 percent in the prior quarter.
Exchange Wars
Twitter represents the latest loss for Nasdaq OMX Group (NDAQ) in recent years. The NYSE Euronext’s (NYX) aggressive campaigning helped snag LinkedIn (LNKD) and Pandora Media (P), among other high-profile consumer-tech debutantes.
Both bourses vied fiercely for the prestige of hosting Twitter. But analysts had predicted that Facebook’s debut, marred by a series of technical glitches that delayed the start of trading, could weigh against Nasdaq.
Nasdaq CEO Robert Greifeld flew to Twitter’s San Francisco headquarters as recently as Oct. 4 to make one last unsuccessful pitch for listing on his exchange, a person close to Twitter said.
“This is a decisive win for the NYSE. We are grateful for Twitter’s confidence in our platform and look forward to partnering with them,” said Scott Cutler, head of NYSE’s listings business.
In a statement, Nasdaq said it “wished Twitter well.”
-.
For years, security professionals have emphasized the importance of shredding your personal documents before you throw them out. But Holland notes that shredding isn’t as much of a priority as it used to be. "There aren’t nearly as many documents with personal information out there as there were even just two years ago," he explains. "These days, it’s much easier to get your information off your computer."
Shredding
Passwords are your first line of defense against intruders. But, as Holland points out, even the most careful people sometimes have password breaches. "I’ve helped chief privacy officers from health care and security firms," he notes. "If they’re getting hit, then anyone is vulnerable." While Holland notes the importance of having a good password, he emphasizes that the most important thing is paying attention to password breach notifications. If you hear that one of your passwords may have been breached, he counsels, change it immediately. And, because many of your accounts may be linked, he notes, it’s not a bad idea to change the rest of your passwords as well.
Strong Passwords
One piece of advice that you don’t often hear is to keep on top of software updates. But, Holland argues, updating your operating system, your software, and your security programs is one of the easiest and most important ways to ensure your security. Software companies spend a lot of time and money trying to stay ahead of online intruders — it only makes sense to take advantage of their work.
Keep on Top of Updates
Even if you are convinced that your security is state-of-the-art and your password is unbreakable, it never hurts to double-check your most sensitive accounts. Holland suggests regularly checking your bank and credit card statements to ensure that there aren’t any inappropriate charges on your accounts. As a side benefit, this is also a great way to catch any unexpected fees that your bank may try to spring on you.
Double-Check Your Bank
When a breach happens, a fast response can mean the difference between a minor annoyance and a major pain in the neck. With that in mind, Holland suggests talking to your bank about having transaction alerts placed on your account. Every time your account is credited with a transaction over a particular amount — $50, for example — your bank will send you an e-mail or text notification. If it’s an expected transaction, you can discard the message; if not, you’ll be able to respond immediately.
Set E-Mail and Text Alerts
Every year, you are entitled to a free credit report from each of the reporting bureaus. Holland suggests taking advantage of this free service, noting that your credit report is a great way to track your outstanding debts and ensure that nobody is trying to open false accounts in your name. He emphasizes, however, that the best way to get your free report is by going to AnnualCreditReport.com, not FreeCreditReport.com. "That site’s a scam," he laughs.
Check Your Free Credit Report
Why Your Bank Thinks Someone Stole Your Credit Card
9 Scary Ways Criminals Use Facebook
8 Things to Never Keep in Your Wallet
The ‘Scammiest’ Words on the Internet
More from DailyFinance:
Leave a Reply