This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Twitter Picks NYSE for IPO, Shows Signs of Scale

NEW YORK ( TheStreet) --  Twitter said in a Tuesday filing it will list its shares on the New York Stock Exchange, a subsidiary of NYSE Euronext (NYX), as the micro-blogging site moves towards an initial public offering of its shares.

The move means NYSE will win the most highly anticipated technology sector IPO since Facebook's (FB - Get Report) May 2012 listing on the Nasdaq (NDAQ). That offering was hampered by trading glitches and what some said was an overaggressive pricing and share sale.

TheStreet first reported Twitter's plans to list with the NYSE in late September.

In an amended S-1 filing with the Securities and Exchange Commission on Tuesday, Twitter disclosed its third-quarter earnings results, which showed signs that the company is beginning to scale its fast growing revenue into profits.

Twitter reported $422 million in revenue through the first nine months of 2013, an increase of 120% from year-ago levels, as top-line growth appears to cutting at the firm's overall losses. Although revenues more than doubled, Twitter's GAAP net loss rose by about 90%, indicating that losses are on a narrowing trend. Twitter's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) meanwhile, grew to over $30.7 million through the first nine months of 2013, up from adjusted EBITDA of just $3.5 million in the same period a year ago.

Twitter also reported an increase in monthly active users (MAUs), up to 230 million MAUs from June. Total timeline views also grew in September versus activity the firm reported for the three months ended in June. 

Those figures augur well for Twitter, as the company sets out for a road show to sell its shares to the public. The San Francisco-based company has yet to disclose the pricing of its IPO. Twitter used $1 billion as a placeholder amount for its share sale in its initial IPO filing. 

Goldman Sachs (GS - Get Report) will lead Twitter's IPO, while Morgan Stanley (MS), JPMorgan (JPM), Bank of America (BAC), Deutsche Bank (DB), Allen & Company and CODE Advisors will also participate in the offering. 

Media reports indicate Twitter will launch its roadshow starting in October and will seek to list its shares on the NYSE by mid-November.

-- Written by Antoine Gara in New York.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
NYX $0.00 0.00%
FB $80.41 0.00%
GS $192.20 0.00%
AAPL $130.42 0.00%
GOOG $555.48 0.00%

Markets

DOW 18,214.42 -10.15 -0.06%
S&P 500 2,110.74 -3.12 -0.15%
NASDAQ 4,987.89 +20.7530 0.42%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs