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Gawker’s Ryan Tate got his hands on what he believes are recent financials for Twitter. I assume that his numbers are correct, and applaud him for getting them out there. But I think he’s doing a bad job of reading them.
Twitter is the “biggest blown business opportunity in media or tech,” Tate says, because six years into it, it’s losing money, not minting it like Facebook.
It’s certainly no Facebook. It probably won’t ever be anything like Facebook.
But Tate’s numbers do describe Twitter as a rapidly growing media company.
In 2010, the year it started making tentative moves into advertising, it generated $28.5 million in revenue. In the first three months of 2011, it came close to matching all of the previous year’s revenue, with $23.8 million. If Twitter’s growth rate never budged after that, that would put it on track to do $95.2 million in 2011.
One girl put it best:
Yeah, we couldn’t live without Twitter either.