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Twitter IPO reveals interesting tidbitsThe social network shares details on its finances and users for the first time, Instagram will begin to show ads, and hackers steal data on 3 million Adobe customers.
It's a new era for Twitter. I'm Bridget Carey and this is your CNET Update. Twitter is going public. The micro blogging site is on track to make its stock market debut in November and it's hoping to raise $1 billion from investors. In its filing with the Security and Exchange Commission, it sure hits financial data for the first time and there are a few interesting tidbits. For one, Twitter is not profitable right now. In the first half of the year, it brought in $254 million but it spent more than that. Currently, it has a net loss of nearly 70 million. In no year has Twitter made a profit. However, that could change. The network is on track to double its revenue from last year. We also learned Twitter has 218 millin users, which is less than the fifth of the size of Facebook. Twitter is better than Facebook at making money from mobile users. About 75 percent of active users on Twitter each month access it from a mobile device and that's where it makes most of its ad revenue. But when people use other programs to access Twitter like Tweet Deck or some Mac programs, it can't fully calculate member activity. So, that means Twitter doesn't see the full picture. And in other social media money making news, Instagram will soon be inserting photo and video advertisements into the stream for U.S. members. Instagram said users will notice the occasional ad in the next couple of months. Here's another reason why you should not use the same password on multiple websites. Three million accounts of Adobe users were hacked and usernames and passwords were compromised. Adobe says it's notifying everyone impacted and resetting passwords. The hackers will likely use those passwords on other websites and e-mail accounts to see if keys can open other doors so to speak. Anyone affected should change other logins that use the same password. The attackers also got credit and debit card information but they were encrypted, nevertheless anyone affected should keep an eye on their bank and credit accounts. Adobe will provide one year of free credit monitoring membership for compromised users. This also goes beyond passwords. The hackers got source code for Adobe programs including Acrobat and ColdFusion. Getting the source code means hackers can study it to find flaws to make malware or exploit it in other ways. The iPhone 5C, Apple's colorful new iPhone, has been on sale for two weeks and already it is discounted for $50 at Best Buy. The retailer will take $50 off the price of the 5C but it's also applying the sale to some Galaxy smartphones like the S4 and the Note 2. The deal lasts through Monday. That's your tech news update but you can get more details at cnet.com/update. From our studios in New York, I'm Bridget Carey.