SAN FRANCISCO - Twitter made its IPO filing public Thursday, revealing a social media company growing rapidly but spending heavily to keep that momentum going.
Twitter said in the filing that it plans to raise as much as $1 billion, although such early disclosures can change as the IPO progresses. The stock ticker will be TWTR and the banks leading the offering are Goldman Sachs, Morgan Stanley and JP Morgan, according to the filing with the Securities and Exchange Commission.
FULL COVERAGE: Twitter goes to Wall Street
The public filing marks the next step in what is the most important technology IPO since Facebook's flawed market debut in 2012.
Twitter has become a powerful way to share information, used by corporate chieftains, presidents and kids alike. However, the company has only recently begun to try to make money from its service - and the public IPO filing gives an important insight into how this effort is going.
Twitter reported revenue of $254 million in the six months ended June 30. That's more than double the $122 million in revenue the company generated in the first half of 2012. The company also reported a net loss of $69 million in the first half of this year, which compares to a net loss of $48 million in the same period a year earlier.
"We were expecting revenue of about $310 million, but they are growing fast which is what's important," said Michael Pachter, an analyst at Wedbush Securities.