Twitter Inc. is seeking a way to reach beyond its core messaging application and invests in a series of acquisitions in order to become more competitive against its biggest rivals Google Inc., Apple Inc. and Facebook Inc. The company is also trying to get into China, where its microblogging service is banned by the government.
The mobile platform director of Twitter, Jeff Seibert, commented in an interview, cited by Bloomberg: “It’s clear that China has a massive mobile economy, and this will help us grow there. When we were building these tools, we knew they had to be global.”
Twitter revealed that it considers to start business collaborations with developers in China through a set of services. The company also said that some of the tools have already been used by technology companies, based in the country, such as Alibaba Group Holding Ltd and Baidu Inc.
The Wednesday conference was the first one, conducted by the company in four years. Twitter made the outlines of its new strategy, releasing a new application development platform, which is called Fabric, and is especially created in order to attract developers to build or improve their mobile applications.
The Vice President of revenue products, Kevin Weil, said in an interview in the eve of the companys conference, cited by the Wall Street Journal: “I think Fabric for us will be an evolution of the company to something that is much broader than just Twitter the consumer app. It’s Twitter becoming a mobile services company–a company that provides services to mobile developers to power every mobile application on every major platform. It’s a new stage for the company.”
The new tool kit of Twitter is a product of the companys recent key acquisitions varying from Crashlytics to MoPub. The Fabric project is concentrated on expanding the companys reach and setting foot beyond its core mobile messaging platform. The services, offered by the platform, are to be provided to mobile developers free of charge.
Twitter Inc. was 3.06% down to close at $49.08 per share yesterday. The company is valued at $31.15 billion. According to the CNN Money, the 31 analysts offering 12-month price forecasts for Twitter Inc. have a median target of $58.00, with a high estimate of $65.00 and a low estimate of $28.00. The median estimate represents a +18.17% increase from the last price of $49.08.
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