What's missing from Twitter's IPO

  @FortuneMagazine October 31, 2013: 6:54 AM ET
CEN18 bird money nest egg
(Fortune)

It's a familiar story: A spectacularly growing Internet company files to go public. Investors are asked to ignore its losses and value the company on revenue growth. Profits, the theory goes, will arrive in due time.

Investors have been burned by this scenario before. But Twitter, the money-losing social network that is flying to the public market a year after Facebook was awarded a $100 billion valuation, is different, right? Perhaps not as much as investors think.

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