6 Feb 2014

Loss reported by Twitter

12:28 pm on 6 February 2014

Three months after its flotation on the New York Stock Exchange, Twitter has reported a net loss of $US645 million for 2013.

The BBC says the loss was expected by analysts, who highlighted Twitter's revenues, which rose 110% last year to reach $665 million.

But a reported slow growth in user numbers was a bigger concern for investors.

Twitter averaged 241 million monthly users in the last quarter of the year, up 3.8% on the previous quarter.

The BBC says that represents a slowdown compared with a growth rate of 10% seen at the beginning of 2013.

Timeline views were down nearly 7%, suggesting users were refreshing their feeds less often.

More than 90% of its revenues in the last quarter came from advertising.

Shares fell as much as 12% in after-hours trading on Wednesday.

Twitter's share price has more than doubled in value since the company was floated on the stock market in November, when it was valued at around $US18 billion.