Tech wrap: Google impresses investors
Google shares soared in after-hours trade as the company’s second-quarter revenue zoomed past Wall Street expectations. The Internet giant’s net revenue, which excludes fees paid to partner websites, jumped 36 percent to $6.92 billion in the second quarter. That’s not all investors had to cheer, though. Growth in a range of businesses from mobile to online video helped the company ring up a strong quarterly profit that also exceeded investor expectations. “Google should be viewed as a growth company again this quarter,” Stifel Nicolaus analyst Jordan Rohan told Reuters. “The combination of mobile search, Android, ad exchange, YouTube, and the core search businesses, they’re all doing well. Google is no longer a one-trick pony.”
The pool of underwriters working on Groupon’s upcoming initial public offering just got a lot bigger. The online daily deals website has added 11 new underwriters, including JPMorgan, Allen & Co, Bank of America Merrill Lynch, Barclays Capital, Citigroup, Deutsche Bank Securities, William Blair & Co, Citadel Securities, Loop Capital Markets, RBC Capital Markets and the Williams Capital Group, according to an updated regulatory filing. They join Morgan Stanley, Goldman Sachs and Credit Suisse, who were the lead underwriters named in the earlier filing.
Blockbuster unveiled a new promotion on Thursday aimed at scooping up Netflix subscribers who are unhappy about new price increases the company announced this week to its streaming-and-DVD plan. Blockbuster, which is owned by Dish Network, offered Netflix customers who switched to one of Blockbuster’s “total access” plans a 30-day free trial. Netflix has tried to deflect the rage from its subscribers. “We knew there would be some people who would be upset,” a company spokesman told the International Business Times recently. “To most people, it’s a latte or two.”
Is Research in Motion working on a Web TV device? Boy Genius Report picks up on a post over at BlackBerry fan site NerdBerry.net that claims the company will launch the media player this fall. Codenamed “BlackBerry Cyclone”, the device is rumored to be similar to Apple’s TV box and will enable users to stream media from sites such as Neflix and YouTube directly to their television.