Twitter leak reveals huge losses
Twitter’s efforts to monetize its business and in so doing transform itself from a financial basket case to tech titan have been dealt a blow by the leak of its latest financial results to Gawker.
The tech blog reports that Twitter is still failing to capitalise on the treasure trove of users who regularly log in to tweet out their latest musings, racking up a net loss of $67.8m in 2010.
These losses continued in 2011 with a net loss of $25.8m through to April 30.
This is despite around 100m active users from the president of the United States to film stars such as Tom Hanks now regularly using the service.
Commenting on the figures Gawker reported: “Those new numbers add a depressing chapter to Twitter's history as the biggest blown business opportunity in media or tech.
“In previously-leaked Feb. 2009 financials, the company estimated it would take in zero revenue for its first two financial quarters of the year, a strong indication it had been operating without any business plan for the previous three years. For 2010, the company was hoping to draw in $140 million in sales, about five times what it ended up taking in.”