Twitter disclosed new revenue figures to motivate investors to buy its shares when the company becomes public. The popular micro-blogging social network site reported that its revenue increased sharply in the third quarter of 2013 at $169 million.
As Twitter Inc's IPO nears, the company has hired an advertising executive from Google Inc to be the retail head. Twitter is currently working to expand its business and generate revenue by hiring J.J. Hirschle who worked for Google as director of media and entertainment.
A spokesman for Twitter told Bloomberg that Mr Hirschle will be managing the sale of "advertising products to retail companies." Twitter's new retail head is set to begin working for the company on Oct 28.
According to his LinkedIn profile, Mr Hirschle joined Google as a senior account executive in Aug 2004. Since then, he has held many positions with the Internet search giant.
Twitter's move to hire a new retail chief is a strategic move as the company prepares to go public. Since Facebook Inc' (FB) s initial public offering, Twitter is the most anticipated U.S. tech firm to begin trading in the New York Stock Exchange.
In 2012, Twitter disclosed that it continues to generate revenue from advertising even if the company remains unprofitable. Twitter has been hiring quickly to strengthen its workforce. The company said it hired 300 employees in the third quarter, increasing the total number of Twitter's personnel to 2,300. Reports said that Twitter may be eyeing a bigger office space adjacent to its current headquarters in San Francisco to accommodate the company's expected growth.
Twitter earned $169 million in revenue in the third quarter and revealed it has 230 million active users in a month, according to an amended regulatory finding.
Rather than listing its shares in Nasdaq, Twitter will be listed in the New York Stock Exchange (NYSE) with the ticker symbol of TWTR. Most public tech companies are usually listed in Nasdaq like Apple, Google, Microsoft and Facebook.
Twitter's IPO date is expected to be on Nov 15 with the goal of raising $1 billion.
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