Twitter stock gains 73% during debut day on NYSE
Shares in social networking company Twitter soared by a huge 73 percent on the first day of trading on the New York Stock Exchange (NYSE).
The frenzied first-day reaction to Twitter’s Initial Public Offering (IPO) showed investor appetite for the seven-year-old US tech firm was a lot more voracious than analysts had expected.
The company has never made a profit, but around 100 million people use the ‘micro-blogging’ site every day.
Fans of the stock said they believed that Twitter was only just beginning to start utilising its potential as a global advertising medium and that revenue growth would be driven by expansion in that area.
The frenzied first-day reaction to Twitter’s Initial Public Offering (IPO) showed investor appetite for the seven-year-old US tech firm was a lot more voracious than analysts had expected.
The company has never made a profit, but around 100 million people use the ‘micro-blogging’ site every day.
Fans of the stock said they believed that Twitter was only just beginning to start utilising its potential as a global advertising medium and that revenue growth would be driven by expansion in that area.
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