Twitter to list on New York Stock Exchange, snubbing Nasdaq

Twitter shares will start trading on 15 November

Twitter has chosen to sell its shares on the New York Stock Exchange (NYSE), snubbing the technology-heavy Nasdaq exchange, where Facebook is listed.

Scott Cutler, head of NYSE's listings business, said the win was "decisive".

"We are grateful for Twitter's confidence in our platform and look forward to partnering with them," he said.

A statement by Nasdaq, which also recently lost Linkedin to NYSE, "wished Twitter well".

Twitter reported its net losses for the three months to September grew to $64.6m from $21.6m in 2012.

The loss was partly due to increased spending on advertising promotion, said the micro-blogging site.

But its income tripled to $168.6m (£105m), compared with the same period in 2012.

Twitter, whose users include US President Barack Obama and the Pope, reported a 39% growth in the number of users over the past year.

It will price its initial public offering (IPO) on 14 November and begin trading the next day.

Advertising income from mobiles, rather than desktop computers, now accounts for 70% of advertising revenue, up 5% from the previous quarter.

It hopes to raise $1bn (£630m) with the offering, Twitter said.

Nasdaq was fined $10m by the Securities and Exchange Commission after technical problems halted trading during Facebook's 2012 debut.