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No one could accuse Facebook of having beginner’s luck on Wall Street. The company’s initial public offering on Friday was delayed by two hours due to a glitch in Nasdaq’s trading system, prompting many traders to cancel orders because they were not sure of the stock’s price. The day, in general, was arguably a disappointment for the social media giant, with its per share price ending only slightly above the $38 starting price.
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For all the anticipation leading up to Facebook’s initial public offering, opinions about how it performed are decidedly mixed. Clearly, though, the market didn’t think the stock, which started at $38 per unit, was a grand bargain: Facebook ended trading on Friday just a few cents over its opening price.
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Wearing his trademark hoodie, Facebook CEO Mark Zuckerberg virtually rang Nasdaq’s opening bell from Silicon Valley this morning to kick off the start of what will be a very interesting Friday. This is, of course, Facebook IPO day — the long-awaited and eagerly anticipated initial public offering of the social media giant.
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The image-based social networking site Pinterest has raised $100 million in a financing round, and this brings the value of the company to around $1.5 billion, an unnamed source told All Things D. Rakuten, one of Japan’s biggest online retail operators, led the round of financing. It was joined by a group of investors including venture-capital firms FirstMark Capital, Bessemer Venture Partners and Andreessen Horowitz.
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Groupon delivered earnings that pleasantly surprised shareholders. The daily deal provider reported a net loss of $11.7 million, a huge improvement from the $146.5 million it lost a year ago in its first quarter as a private company. It also posted stronger-than-expected revenue for the quarter, at $559.3 million — an 89 percent increase from the same period a year ago.
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