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Twitter unseals IPO documents, hopes to raise $1B

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By The Associated Press
Friday, Oct. 4, 2013, 12:01 a.m.

Twitter has unsealed the documents for its planned initial public offering of stock and says it hopes to raise up to $1 billion.

The company also disclosed that it generated $317 million in revenue in 2012 and that it had more than 218 million active users as of the end of June, up 44 percent from a year earlier. That compares with Facebook's nearly 1.2 billion and LinkedIn's 240 million.

The company disclosed last month that it had filed confidential IPO papers to start the process of going public. On Thursday, San Francisco-based Twitter Inc. unsealed the papers with the Securities and Exchange Commission.

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