Twitter reported net losses of US$132 million in first quarter of 2014
ANKARA - Social media website Twitter reported on Tuesday net losses of US$132 million in the first quarter of 2014.
The company also posted revenue of US$250 million, an increase of 119% over a year. Mobile advertising consisted 80 percent of the total US$226 million advertising revenue.
The company's shares dropped more than 10 percent, to US$38.18, after the company released its quarterly earnings report.
"We had a very strong first quarter. Revenue growth accelerated on a year over year basis fueled by increased engagement and user growth," said Twitter CEO Dick Costolo. "We also continue to rapidly increase our reach and scale. With the integration of MoPub, we now reach more than 1 billion iOS and Android users each month, making us one of the largest in-app mobile ad exchanges in the world and the only one at scale to offer native in-app advertising."
For the full year, Twitter expects revenue of US$1.2 billion, nearly double the US$665 million it posted in 2013.
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