They have revenue from advertising and from selling access to their data; what they don't have is profits. Twitter raised about $1.8 billion in convertible note

They have revenue from advertising and from selling access to their data; what they don't have is profits. Twitter raised about $1.8 billion in convertible notes in 2014. The proceeds have helped them plug the revenue shortfall, however, the bonds mature in 2019 and 2021, and since the share conversion price is around $77, the bondholders will be looking for cash instead unless Twitter's stock price increases 4-fold from its current price. The overhang of these bonds is something I have not seen mentioned in comments about Twitter here; it has likely been a large factor for potential purchasers and it will be an increasing worry for the company and its shareholders unless the company manages to become solidly profitable.