Online coupon company Groupon filed for an initial public offering of up to $750 million, the latest in a series of Internet companies to tap the U.S. capital markets. In April, a source told Reuters that Groupon could raise as much as $1 billion in the IPO, which could value the fast-growing daily deals site at $15 billion to $20 billion. The IPO filing did not specify the number of shares to be sold in the IPO, the price range, or the exchange, though it did say the shares would trade under the symbol “GRPN.”
Groupon is losing an astounding amount of money, but generating an equally impressive amount of revenue, writes Silicon Alley Insider’s Jay Yarrow. In the first three months of 2011, it had a net loss of $114 million. For all of 2010, its loss was $414 million. For the first three months this year it generated $645 million in revenue, a 1,366 percent increase from the year prior, when it generated $44 million, adds Yarrow.
Google revealed that unknown hackers likely originating from central China tried to hack into the Gmail accounts of hundreds of users, including senior U.S. government officials, Chinese activists and journalists. Google said on its official blog that the hackers, who appeared to originate from Jinan, China, recently tried to crack and monitor email accounts by stealing passwords, but Google detected and “disrupted” the campaign.
More than 80 percent of the companies that advertise on Twitter renew their marketing efforts on the microblogging service, Twitter CEO Dick Costolo said. The company counts roughly 600 advertisers, up from 150 advertisers at the end of 2010. And while Twitter has stepped up efforts to build an advertising business, Costolo said Twitter was not under pressure to boost revenue and that the Internet company’s long-term success was not “correlated” to an initial public offering of Twitter’s stock.
EBay and its online payment unit, PayPal, sued Google and two executives for stealing trade secrets related to mobile payment systems, highlighting the growing battle between companies vying for a major stake in what has been described as a $1 trillion opportunity. The two executives, Osama Bedier and Stephanie Tilenius, were formerly with PayPal and led the launch on Thursday of Google’s own mobile payment system in partnership with MasterCard, Citigroup and Sprint.
The personal information of more than 283,000 customers at Honda Canada was breached, the company confirmed on Friday. The company said the stolen data included names, addresses, vehicle identification numbers and in some cases financing account numbers, but was not the type that would typically be used for identity theft or fraud.
Microsoft’s board stood behind CEO Steve Ballmer, defending its longtime leader after influential hedge fund manager David Einhorn touched off a debate by calling for his dismissal. The fund manager, who made his name warning about the financial health of Lehman Brothers before the investment bank’s collapse, accused Ballmer on Wednesday evening of being stuck in the past, launching the sharpest attack yet by a high-profile investor against the company’s leadership.
Google and four bank and telecom partners unveiled “Google Wallet” and “Google Offers”, taking U.S. shoppers a step closer to paying by waving their mobile phones at the checkout counter. Designed to work as an app on Android phones, it hitches a ride on MasterCard’s “PayPass” technology, which lets shoppers tap cards for payment. Google has signed up retailers including Macy’s, American Eagle Outfitters and Subway to blend the service with loyalty programs and discount offers.