Report: Twitter Makes $70 Million Investment in SoundCloud

Twitter, which has never earned a profit, said its loss in the past quarter narrowed to $90.2 million from $125 million a year earlier

(Reuters) — Twitter Inc has invested about $70 million in Berlin-based music service SoundCloud, technology website Re/code reported citing people familiar with the deal.

Twitter confirmed it had taken a stake in SoundCloud but did not provide any details about the investment.

“Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators,” Twitter chief executive Jack Dorsey said.

Twitter’s investment was part of a funding round, expected to be in the $100 million range, and would value SoundCloud at about $700 million, the Re/code report said.

Read the rest of the story at Reuters.