How to believe in profits
Twitter yesterday boosted its IPO price to $23 to $25 a share, which would give the microblogging service a market capitalization of $13.6 billion with no profit.
Twitter lost $64.6 million in the September quarter, wider than the $21.6 million a year earlier.
The social networking company reported that its revenue rose sharply in the third quarter of this year, to $169 million.
Goldman Sachs Group Inc. is leading Twitter’s offering, while Morgan Stanley led Facebook’s.
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