Twitter’s pricing on the secondary share market now values the company at a heady $11 billion, which is good news for CEO Dick Costolo and the rest of the Twitter board – and investors – as we head towards the firm’s IPO, which is being pencilled in for 2014.
Of course, this is all still speculative. And while Twitter is estimated to have earned $288 million in global advertising revenues last year, the firm has yet to post a profit.
Well, good news, as the UK subsidiary of the micro-blogging social network has done just that, albeit on a very minor scale.
In the company’s first official accounts, which cover the Twitter’s first seven months between June 1, 2011, and December 31, 2011, the subsidiary showed profits of just £16,500.
Twitter opened their UK offices, which are located in London, in 2011, launching a UK version of their official blog in September of that year. The branch has been fairly aggressive with their marketing push, with some success, and simply posting a profit in an abbreviated opening year is, of course, something of note.
However, Twitter was so late in filing its 2011 accounts that it risks a fine of £375, which will take a little of the icing off of that celebratory cake.