Twitter Ireland returns to profit ahead of major expansion slated for 2016

The Irish arm of social media giant Twitter last year returned to profit, new documents show.

In an auditor’s report lodged with the Companies Office, the documentation confirms that the Dublin-based firm, Twitter International Company returned to profit after recording a loss in 2013.

The firm, which yesterday confirmed co-founder, Jack Dorsey as its permanent chief executive, is set to expand its operations in Dublin next year after recently signing a €92m deal for a much bigger property.

Twitter has agreed a 20-year lease for Cumberland House in south central Dublin and is likely to move in the second half of next year.

Twitter will pay an initial rent of €4.6m a year to occupy about 85,000 sq ft of office space. This is almost five times the size of its current offices, which total 17,500 sq ft.

The profit-making Irish unit of the micro-blogging firm bucked the company- wide loss-making trend last year, with Twitter globally recording pre-tax losses of $578.3m in spite of revenues doubling to $1.4bn.

However, the extent of the profit at Twitter’s Dublin HQ in the three-page report by PwC is not revealed as Twitter’s company status here is unlimited and it is, therefore, not required to file annual accounts.

Twitter is one of the most high-profile US multinationals to have unlimited status in Ireland with big players such as Apple, LinkedIn, and Medtronic, along with more recent US firms including AirBnB and Dropbox opting for the same status.

The firm only established here in September 2011 but has increased its workforce to over 200.

Documents filed by Twitter Inc in the US show that $457m of the global revenues in 2014 were based outside the US and Twitter’s Dublin firm would oversee a sizeable chunk of those revenues with responsibility for the EMEA.

The US documents disclose that $140m of revenues were generated in the UK and on a rough calculation based on population size, revenues in Ireland would be around $10m.


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