Twitter shares surged 75% on New York Stock Exchange on the social network’s first day of trading.
Shares opened at $26 but skyrocketed to more than $45, valuing Twitter at almost $26 billion.
It’s believed the IPO generated nearly $2 billion for Twitter. That would make it the third-largest IPO of 2013 in the US.
The company, which remains unprofitable after seven years, generated $253 million during the first half of this year. 65% of Twitter’s ad revenue is generated from mobile. But the microblogging network posted a net loss of almost $70 million in the first half of this year—a greater loss than the same period last year. Its total defecit is now in excess of $400 million.
The microblogging platform claims 218 million active monthly users, up 44% from last year. The company earns 64 cents of revenue per user.