IPO filings aren’t just a great way to raise money, they’re also a perfect place for young CEOs and idealistic internet companies to grandstand and proclaim their altruistic motives. Whether or not you buy what they’re
shoveling selling is something different. Google had “do no evil,” now Facebook has it’s own mission statement, though, it’s admittedly quite scatter brained. Buried deep in the IPO filing is a letter from Mark Zuckerberg to investors in which he lays out Facebook’s mission and role in improving the world. Zuck doesn’t think his social network is about poking cute girls and tilling virtual fields, he “hope[s] to change how people relate to their governments and social institutions.” And, lest you think every move is some calculated ploy to free you from the burden of cash or personal information, the billionaire CEO explains, “we don’t build services to make money; we make money to build better services.” For the complete letter head on after the break. Trust us, whether you trust and like Zuckerberg or not, it’s an interesting read.
Digital copies of games that you download bypass the time-and-money-consuming manufacturing, logistics and retail processes. It’s only natural that we as consumers expect some of that saving to be passed along to our own wallets. There’s a fair chunk of evidence to suggest that downloading PS Vita games over PSN will result in a ten percent saving on the boxed edition (that you’d have to drive to a store for, and everything). Of course, it would be unseemly to point out that those few dollars will spell the death-knell for thousands of jobs, so we won’t.
The rumor, speculation and awkward Winklevii jokes can end (at least for now) as Facebook has officially filed for its public offering. Underwritten by Morgan Stanley and Goldman Sachs amongst others, the internet’s most popular site seeks to trade under the stock symbol “FB” when it goes public later this year. The company is seeking to raise $5 billion, according to this early filing, amounting to a lofty (and still tentative) valuation north of $50 billion. If that turns out to be accurate, though, Zuck will be one (especially) rich man: with a nearly thirty percent share in the company, his net worth would balloon to almost $30 billion.
The process of going public also provides a rare glimpse into internal stats previously kept private, with documents revealing the service has 845 million active users each month — nearly half of which log in and actuate 2.7 billion likes and comments each day. The filing also sheds light on the company’s balance sheet, with revenues of $777 million, $1.97 billion and $3.71 billion in 2009, 2010 and 2011, respectively. All told, it logged profits of $229 million and $606 million in those years — earnings that were bested by the $1 billion it netted in 2011. The majority of its revenue comes from advertising, yet a sizable chunk (12 percent) of last year’s figure comes courtesy of Zynga. All in all, that’s enabled the company to stash away nearly $4 billion in cash — a sizable nest egg for a company only eight years old. As for Zuck, his 2011 salary of $500,000 will be cut to $1 as of January 2013, but he’ll be more than comfortable, thanks to that 28.4 percent stake in the company.
Article source: http://www.engadget.com/2012/02/01/facebook-ipo-commences/
The mobile revolution has been good to Qualcomm. Its Q4 2011 earnings were impressive enough, but the company is kicking off 2012 with even more staggering numbers. The Snapdragon creator pulled in $4.68 billion in revenue during Q1, a 40 percent increase over the same time last year and 14 percent higher than last quarter. Profits were also way up, hitting $1.4 billion, a 20 percent increase over last year and a whopping 33 percent higher sequentially. The company appears to have roundly beat analyst expectations, earning 97 cents per share. It’s also worth noting that this doesn’t include any boost from the spectrum deal with ATT. Sales of its MSM chips were, of course, the big star here shipping 156 million units — an impressive 23 percent more than last quarter. For all the financial finery check out the source link.
How about a 700+ megabyte download to spice up your Wednesday? Apple’s just unleashed an update to Lion, bumping its feline all the way up 10.7.3. Those braving the rather portly update can look forward to a bevy of new languages, a new version of Safari (5.1.3) and a fix for a nasty WiFi reconnection bug upon waking from sleep. Also buried in the release notes are RAW support for “more cameras” and a bevy of tweaks for those sharing files with Windows machines. Don’t believe us? Hit Cupertino’s source link for the full rundown.
Article source: http://www.engadget.com/2012/02/01/mac-os-x-10-7-3-released/
Google clearly didn’t want to blow everyone’s mind right away with its Google Docs app for Android. That’s why it’s been slowly rolling out the updates, incrementally adding features and turning what began life (more or less) as a glorified web browser into a useful app. The latest upgrades deliver possibly the most requested feature — offline access. Now there’s an option to pin individual files for local storage and the app will automatically sync the latest version anytime you’re on WiFi. If that’s not often enough, you can manually update whenever you have a data connection. There’s also a new layout for viewing docs on tablets that allows you to swipe left and right to flip between pages and a scrubber at the bottom for quickly jumping from one part of the doc to another. Hit up the Android Market now to score the update for yourself.
Let’s just get this out of the way, shall we? If the LG Spectrum looks familiar, you’re not imagining things. It may have been a highlight at the company’s CES press event last month, but the handset bears more than a passing resemblance to its older, more excitingly-named sibling, the LG Nitro HD — and, by extension, the globe-trotting Optimus LTE. Beneath their 4.5-inch IPS displays, you’ll find virtually identical guts, including a 1.5GHz dual-core processor, 1,830mAh battery and 4GB of internal storage, coupled with a 16GB microSD. There are some important distinctions here, of course — namely, changes to the phone’s shell and, of course, a shift from ATT to Verizon. So, how does world-weary Optimus fare from its jump to Big Red? Find the answer past the break.
Gallery: LG Spectrum review
Article source: http://www.engadget.com/2012/02/01/lg-spectrum-review/
The Hawaii state legislature has apparently pulled an about face on a proposed internet tracking bill, amid swelling concerns from civil libertarians and internet service providers alike. First introduced last week, the controversial measure calls for all ISPs to track and record a user’s online activity and identity within individual digital dossiers. The law’s supporters trumpeted it as a vital step in protecting “victims of crime,” but its momentum has all but come to a halt, now that its lead champion has proclaimed its death. In a recent interview with CNET, Democratic Representative John Mizuno (pictured left) confirmed that his bill has been shelved, attributing the decision to the avalanche of critical feedback he’s received (see the coverage links, below). “It’s generated a lot of national attention,” Mizuno explained. “I’ve taken into consideration the thousands of e-mails (which were often) colorful and passionate, which is absolutely fine… This bill just isn’t ready. It needs a lot of work.” Unfortunately, this doesn’t mean spell an outright death for the law, as Mizuno still believes that keeping a record of browsing history could help authorities hunt down pedophiles and other evil doers. “I think both would be very strong pieces of evidence if there’s going to be a criminal proceeding,” he argued. Despite our own fundamental misgivings with Mizuno’s approach, it’s still encouraging to see politicians respond to public outcry so swiftly and, as with the SOPA debacle, appropriately.
If a simple tweet by the Google TV squad is to be believed, those of you who own Sony-branded hardware should be receiving an update within the next few days. In a scant 140-characters, Big G promises a Chrome browser that “works faster,” as well as the ability to get your Blu-ray content in all three dees (if that’s your thing). Google’s not telling precisely when the fresh features will make their way to Sony’s set-top boxes, so you’ll just have to stay glued to your GTV and wait for it to magically appear.
Ask Engadget: What’s the best budget NAS? Kingston Wi-Drive for iOS hits stores today, lets you create your own portable music server for $130 Tilera sees sense in the server wars, puts just 36 cores in its newest processorIn today’s digital world we’ve all got data, and lots of it. Our libraries are also growing rapidly: where you used to get by setting aside a few bookshelves for your books, CDs, DVDs and VHS tapes, we now require untold server space to preserve our beloved media in digitized form. We also want our data to be itinerant, or at least seem that way. That is, if you want to take a book or disc to another room of your abode, you pull it from the bookshelf and take it with you. Similarly, if you’re working on a document upstairs on your desktop and you want to move to the den with your laptop, you’ll need the proper infrastructure working in the background to enable that kind of wizardry. So, how can we create this “digital bookshelf?” Can you go out and buy it now? Can you build it in your garage? As it turns out, the answer is “yes” on all counts. You could go out and buy a Drobo device but in this case, we’re going to assemble our own. And we’re going to do that with the help of an open source storage platform called FreeNAS. So how involved a process is that? Meet us after the break to find out.