Twitter shares increase by 73% in value on stock market debut

Start Your Project with Piranha Today: Call 01772 888331

Twitter shares increase by 73% in value on stock market debut

By piranha

8th November 2013

Twitter shares made their début on the New York Stock Exchange on Thursday 7th November 2013 and by the close of play had reached $44.90 (£28) per share – a 73% increase on their initial price offering of $26 (approx.£16).

Over 13 million shares were traded and the increase in share price meant that Twitter was valued at just over $31bn (£19bn) by the end of its first day as a public company. Earlier predictions had valued the company at nearer $13.6bn (£8.5bn).

Twitter has over 230 million users but has yet to make a profit – in the first six months of 2013, despite revenues of $254m (£158m), it lost $69m (£43m).

Mark Mahaney at RBC Capital Markets predicted the firm’s shares would rise after the listing.

“Just as Google, Amazon and Facebook have become Internet utilities, so too may Twitter.

“As a public, real-time, conversational and distributed platform, Twitter is becoming an essential service for consumers, businesses, media companies and advertisers.”

  • share

Have You
Read these?