Twitter Picks NYSE for IPO Even as Losses Widen

Twitter will be coming off its biggest quarterly loss in the past three years when the online messaging service brings its IPO to the New York Stock Exchange later this fall.

A regulatory filing Tuesday revealed that Twitter Inc. will list its shares on the NYSE instead of the traditionally tech-friendly Nasdaq Stock Exchange.

The documents also disclosed Twitter's financial results for the three months ending in September. The San Francisco company lost $65 million, tripling from the same time last year.

The setback was the worst Twitter has suffered in any quarter since 2010.

A target date or a price range for Twitter's initial public offering hasn't been set yet, although most analysts expect the process to be completed before Thanksgiving.

When trading in the shares does begin, it will be under the ticker symbol "TWTR" on the New York Stock Exchange.

The news is an upset for the Nasdaq, which has traditionally been the place for technology IPOs. The exchange was looking to redeem itself after last year's Facebook's IPO, which was marred by trading-order failures and delays. As a result, the Securities and Exchange Commission in May fined the exchange $10 million, the largest ever levied against an exchange.

Both exchanges had heavily courted Twitter.

The NYSE has wooed a growing list of companies recently, including 10 of the 20 largest technology IPOs so far this year, according to research firm Dealogic.

Winning an IPO is always a big deal for an exchange, but a high-profile name like Twitter is an especially coveted prize. As long as Twitter's IPO goes well, it should give the NYSE an edge in luring other up-and-coming companies, particularly in the fertile area of social media.

"We are grateful for Twitter's confidence in our platform and look forward to partnering with them," NYSE spokeswoman Marissa Arnold said in a statement.

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