#Loaded! Staff pay hopes rise with Twitter UK’s £1m a week

 

Twitter is now making more than  £1 million a week in revenues in Britain as its growth accelerates in its biggest market outside America, its annual report revealed today.

The social media company’s UK revenues jumped to $23.5 million (£14.1 million) in the three months to December — more than half as much as it made in the previous nine months, when it generated $43 million.

Twitter’s annual turnover from Britain was $66.5 million — barely two years after the US company opened an office in London’s West End in 2011.

The fast-growing British operation passed a significant milestone in the second half of 2013 when it began generating 10 per cent of its worldwide sales — chiefly from advertising.

In a further sign of Britain’s importance, it generates almost 40 per cent of all Twitter’s revenues outside America.

The social media site has over 15 million users in Britain.

Twitter does not disclose UK employee numbers but it employed 2700 worldwide as of December 31 and many are set to become millionaires thanks to the company’s long-term share awards.

The annual report said that employees were “granted” 58.7 million shares, known as restricted stock units (RSUs), last year.

The RSUs are theoretically worth $3.23 billion or an average of $1.2 million per person, based on today’s price of $54 a share.

Most of the awards vest over the next four years and depend in part on future performance. The share price remains at more than twice the level of its November stock market debut when it was $26.

Twitter’s valuation fell sharply last month over fears that the social media site is seeing slowing growth in new users — particularly in America — and a fall in the number of timeline views, the number of times a user checks their feed. Twitter still generates almost three quarters of its $665 million in sales in the US.

The eight-year-old company has a $30 billion stock market value, despite never making a profit as it focuses on expansion.

It is dwarfed by the social media giant Facebook — with an estimated £300 million a year in UK sales last year, according to eMarketer — and the search behemoth Google with around £3.5 billion in British turnover.

But Twitter set new records at last Sunday’s Oscars when host Ellen DeGeneres’ "selfie" photograph with fellow celebrities was retweeted 3.3 million times. There were also 4 million tweets at last month’s Brit Awards in London — double the level a year earlier.

Twitter declined to comment.

PROMOTED VIDEO
News
ebooksAn unforgettable anthology of contemporary reportage
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

SQL Developer with T-SQL, Watford, Hertfordshire - £350 - £360

£350 - £360 per day: Ashdown Group: SQL Developer with T-SQL, Watford, Hertfor...

Chief Financial Officer

120-150k: Accountancy Action: We are looking for an experienced CFO from a min...

IT Systems Business Analyst - Watford - £28k + bonus + benefits

£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...

Trainee Recruitment Consultant - Birmingham - Real Staffing

£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...

Day In a Page

How could three tourists have been battered within an inch of their lives by a burglar in a plush London hotel?

A crime that reveals London's dark heart

How could three tourists have been battered within an inch of their lives by a burglar in a plush London hotel?
Meet 'Porridge' and 'Vampire': Chinese state TV is offering advice for citizens picking a Western moniker

Lost in translation: Western monikers

Chinese state TV is offering advice for citizens picking a Western moniker. Simon Usborne, who met a 'Porridge' and a 'Vampire' while in China, can see the problem
Handy hacks that make life easier: New book reveals how to rid your inbox of spam, protect your passwords and amplify your iPhone

Handy hacks that make life easier

New book reveals how to rid your email inbox of spam, protect your passwords and amplify your iPhone with a loo-roll
KidZania lets children try their hands at being a firefighter, doctor or factory worker for the day

KidZania: It's a small world

The new 'educational entertainment experience' in London's Shepherd's Bush will allow children to try out the jobs that are usually undertaken by adults, including firefighter, doctor or factory worker
Renée Zellweger's real crime has been to age in an industry that prizes women's youth over humanity

'Renée Zellweger's real crime was to age'

The actress's altered appearance raised eyebrows at Elle's Women in Hollywood awards on Monday
From Cinderella to The Jungle Book, Disney plans live-action remakes of animated classics

Disney plans live-action remakes of animated classics

From Cinderella to The Jungle Book, Patrick Grafton-Green wonders if they can ever recapture the old magic
Thousands of teenagers to visit battlefields of the First World War in new Government scheme

Pupils to visit First World War battlefields

A new Government scheme aims to bring the the horrors of the conflict to life over the next five years
The 10 best smartphone accessories

Make the most of your mobile: 10 best smartphone accessories

Try these add-ons for everything from secret charging to making sure you never lose your keys again
Mario Balotelli substituted at half-time against Real Madrid: Was this shirt swapping the real reason?

Liverpool v Real Madrid

Mario Balotelli substituted at half-time. Was shirt swapping the real reason?
West Indies tour of India: Hurricane set to sweep Windies into the shadows

Hurricane set to sweep Windies into the shadows

Decision to pull out of India tour leaves the WICB fighting for its existence with an off-field storm building
Indiana serial killer? Man arrested for murdering teenage prostitute confesses to six other murders - and police fear there could be many more

A new American serial killer?

Police fear man arrested for murder of teen prostitute could be responsible for killing spree dating back 20 years
Sweetie, the fake 10-year-old girl designed to catch online predators, claims her first scalp

Sting to trap paedophiles may not carry weight in UK courts

Computer image of ‘Sweetie’ represented entrapment, experts say
Fukushima nuclear crisis: Evacuees still stuck in cramped emergency housing three years on - and may never return home

Return to Fukushima – a land they will never call home again

Evacuees still stuck in cramped emergency housing three years on from nuclear disaster
Wildlife Photographer of the Year: Intimate image of resting lions claims top prize

Wildlife Photographer of the Year

Intimate image of resting lions claims top prize
Online petitions: Sign here to change the world

Want to change the world? Just sign here

The proliferation of online petitions allows us to register our protests at the touch of a button. But do they change anything?