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But Mr. Blau said this should not be a serious concern for investors, because Twitter is still a young company and it will take time to make it profitable.

“I don’t know that it’s a big issue today that they haven’t been profitable,” Mr. Blau explained. “The hope is that will turn around, that they won’t have to spend that much going forward and they can focus on making a profit.”

On the other hand, Twitter’s revenue continues to grow, but at an increasingly slower rate. In the first half of 2013, Twitter took in $254 million in revenue, which projects to be $508 million for the whole year, up from $317 million in 2012 and $106 million in 2011. However, the rate of growth is shrinking. Twitter’s revenue growth has slowed from 198 percent between 2011 and 2012 to just 107 percent since the beginning of this year.

But Twitter’s struggles to turn a profit on its international operations have raised fresh questions. A large chunk of the company’s users are based internationally, but Twitter makes far less money from advertisements that target these users than they do in the U.S.

According to the PrivCo report, Twitter makes $2.70 for every 1,000 timeline views in the U.S., compared to just 30 cents outside of the U.S.

“To the extent that Twitter’s growth prospects lie overseas, Twitter hasn’t figured out how to make money from its offshore users,” PrivCo wrote.