Ryan Tate over at Gawker got his hands on some of Twitter’s financial numbers for 2010 and early 2011 — and they aren’t pretty.
In the first quarter of 2011, Twitter brought in $23.8 million in revenue and lost $49.2 million — with a net loss of $25.8 million for the quarter.
2010 doesn’t look that great, either: the company brought in $28.5 million and had a net loss of $67.8 million.
It’s important to note that this is all before Twitter really got serious about advertising. Its revenue should have grown nicely through the year. But, the company doubled headcount, so it could still have serious losses.
Here’s the breakdown from the Gawker piece, according to Tate’s source who “has knowledge of the company’s finances”:
Jan. 2011 – Apr. 2011
Revenue: $23.8 million
Cost of revenue: $18.7 million
R&D cost: $13.1 million
Sales and marketing cost: $5.4 million
General administrative cost: $12.0 million
Total costs and expenses: $49.2 million
Loss from operations: $25.4 million
Loss from interest and other: $404,000
Net loss (non GAAP): ($25.8 million)
Jan. 2010 – Dec. 2010
Revenue: $28.5 million
Net loss: ($67.8 million)
Assets: $221.5 million (as of Dec. 2010)
Liabilities: $221.5 million (as of Dec. 2010)
We reached out to Twitter, which said it had no comment on the story.