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Twitter has filed to become public, saying it will sell shares under the name “TWTR”. The IPO will initially seek to raise up to $1 billion.

In its first public disclosure of financial performance, Twitter revealed it is growing revenue fast but still losing money. In a registration filing with the Securities and Exchange Commission, known as a “form S-1,” Twitter says its revenue increased to $316.9 million in 2012, from $106 million in 2011. Its net loss for 2012 was $79 million.

Losses are not of an crucial importance said Brian Wieser, analyst at Pivotal Research Group. “It would have been a surprise if they had a profit. Heres the number that really matters. Its the revenue per customer. The question is how much is the typical commitment theyre getting from advertisers at this time.”

More than three-quarters of Twitter’s 215 million regular monthly users access the site through a mobile device. Smartphones and tablets account for almost two-thirds of Twitter’s advertising revenues, it said – a higher portion than Facebook, which made 41% of its far greater revenues from mobile in its most recent results.

Through a short message from “@twitter,” the company outlined its mission as giving “everyone the power to create and share ideas and information instantly without barriers. Our business and revenue will always follow that mission in ways that improve-and do not detract from-a free and global conversation.”

Co-founder and former CEO Evan Williams is Twitters largest shareholder, with 12% of the shares, while co-founder and chairman Jack Dorsey owns 4.9%. Biz Williams, another co-founder, does not appear on the list of top shareholders. Current CEO Costolo owns 1.6%.

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Twitter did not point an exchange for its listing. Financial Times reported that people close to the situation have said the company is leaning towards listing with the New York Stock Exchange. One person familiar with the situation said Nasdaq executives, including Robert Greifeld, chief executive, were in San Francisco and attempting to sway the company to list on its exchange. Nasdaq and NYSE declined to comment.

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