Twitter Has Lost Over $2 Billion Since Launching 10 Years Ago

People are seen as silhouettes as they check mobile devices whilst standing against an illuminated wall bearing Twitter Inc.'s logo in this arranged photograph in London, U.K., on Tuesday, Jan. 5, 2016. Twitter Inc. may be preparing to raise its character limit for tweets to the thousands from the current 140, a person with knowledge of the matter said. (PHOTO CREDIT: Chris Ratcliffe/Bloomberg via Getty Images)
People are seen as silhouettes as they check mobile devices whilst standing against an illuminated wall bearing Twitter Inc.’s logo in this arranged photograph in London, U.K., on Tuesday, Jan. 5, 2016. Twitter Inc. may be preparing to raise its character limit for tweets to the thousands from the current 140, a person with knowledge of the matter said. (PHOTO CREDIT: Chris Ratcliffe/Bloomberg via Getty Images)

When Twitter went public back in 2013, it was an unprofitable company. More than two years later, that hasn’t changed. In fact, the company revealed in its annual 10-K filed Feb. 29 that it has lost more than $2 billion in total since launching a decade ago.

Twitter had already accrued more than $400 million in losses before going public, but that figure exploded upward after its IPO, largely due to stock-based compensation awarded to employees. The company lost $520 million in 2015 alone.

Like many companies, though, Twitter prefers to talk about adjusted earnings, which exclude stock-based compensation and some other expenses. These are the figures Wall Street investors tend to focus on. By that measure, Twitter had a net income of $277 million in 2015.

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SOURCE: TIME, Victor Luckerson