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Twitter Reports Fourth Quarter And FY 2013 Results

Twitter

Twitter reported financial results for the fourth quarter and fiscal year ended December 31, 2013.

  • Q4 revenue of $243 million, up 116% year-over-year
  • Q4 net loss was $511 million
  • Q4 EPS was ($1.41)
  • Q4 adjusted EBITDA was $45 million,
  • Full year revenue of $665 million, up 110% year-over-year
  • Full year net loss was $645 million
  • Full year EPS was ($3.41)
  • Full year adjusted EBITDA was $75 million

Dick Costolo (CEO, Twitter): Twitter finished a great year with our strongest financial quarter to date.

Fourth Quarter 2013 Financial Highlights

Revenue – Revenue for the fourth quarter of 2013 totaled $243 million, an increase of 116% compared to $112 million in the same period last year.

  • Advertising revenue totaled $220 million, an increase of 121% year-over-year.
  • Mobile advertising revenue was more than 75% of total advertising revenue.
  • Data licensing and other revenue totaled $23 million, an increase of 80% year-over-year.
  • International revenue totaled $66 million, an increase of 200% year-over-year. International revenue was 27% of total revenue.

Net loss – Net loss was $511 million for the fourth quarter of 2013 compared to a net loss of $9 million in the same period last year.

Adjusted EBITDA – Adjusted EBITDA was $45 million for the fourth quarter of 2013 compared to $18 million in the same period last year.

EPS – EPS was ($1.41) for the fourth quarter of 2013 compared to ($0.07) in the same period last year.

Capital expenditures – Purchases of property and equipment for the fourth quarter of 2013 were $29 million. Additionally, $60 million of equipment was procured or financed through capital leases during the fourth quarter of 2013.

Cash, cash equivalents and marketable securities – As of December 31, 2013, cash, cash equivalents and marketable securities were approximately $2.2 billion, compared to $321 million as of September 30, 2013.

Outlook

Twitter’s outlook for the first quarter of 2014 is as follows:

  • Revenue is projected to be in the range of $230 million to $240 million.
  • Adjusted EBITDA is projected to be in the range of $10 million to $16 million.

Twitter’s outlook for the full year of 2014 is as follows:

  • Revenue is projected to be in the range of $1,150 million to $1,200 million.
  • Adjusted EBITDA is projected to be in the range of $150 million to $180 million.
  • Capital expenditures are projected to be in the range of $330 million to $390 million.

[Image courtesy: Aaron Durand/Twitter]

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