After Twitter's hot IPO, now comes the hard part

NEW YORK (AP) - Now comes the hard part. After a soaring IPO, Twitter, which has never turned a profit, has to deliver to shareholders.

The stock closed up more than 70 percent yesterday. The day flew by with nary a hitch and gave birth to a new batch of Silicon Valley millionaires -- even a few billionaires.

Twitter stock ended Thursday's trading at $44.90, giving the company a market value of $31 billion. That's $13 billion more than on Wednesday night, when the company set its IPO price at $26.

By the closing bell, the social network that reinvented global communication in 140-character bursts was worth nearly as much as Yahoo Inc., an Internet icon from another era, and only slightly less than Kraft Foods, the grocery conglomerate founded more than a century ago.

The stock's sizzling performance seemed to affirm the bright prospects for Internet companies, especially those focused on mobile users.

 

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