Posted: Thursday, November 7th 2013 at 4:52pm
Strong Twitter IPO counters skepticism
By The Associated Press
NEW YORK (AP) -- Twitter had a strong public stock debut Thursday in the most highly anticipated initial public offering since Facebook's last year.
The stock closed at $44.90 on its first day of trading, giving Twitter a value of more than $31 billion based on its outstanding stock, options and restricted stock that'll be available after the IPO. It opened at $45.10 and traded as high as $50.09 in the morning. Although the closing price fell 20 cents short of the opening price, it's still 73 percent above the $26 IPO price.
The high price comes despite the fact that Twitter has never turned a profit in seven years of existence. Revenue has been growing, but the company is also investing heavily in more data centers and hiring more employees.
Twitter is trading under the ticker symbol "TWTR."
Link: AP Interactive: Tech IPO tracker
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