Twitter files IPO

San Francisco – Twitter has officially filed for an IPO with Securities and Exchange Commission (SEC). The social network reported a net loss of $79.4 million, down 38% from the previous year, on revenue of $316.9 million in 2012, a 198% increase from 2011.

In addition, Twitter said in the filing it has 215 million members who send 500 million tweets per day.

Twitter will have the symbol TWTR and hopes to raise up to $1 billion, although in the filing it indicates it could be an “emerging growth” company, meaning revenues may be less than $1 billion for the first five years following the IPO.

Twitter has not yet released a target price for its initial share offering or a date. If the federal government shutdown continues, analysts speculate Twitter may wait until next year to launch its IPO. The company initially announced it intended to launch an IPO on Sept. 12.