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Facebook filed it’s long-awaited S-1 form with the U.S. Securities and Exchange Commission on Wednesday, announcing its intent to raise $5 billion and begin public trading. The highly anticipated move caused enough of a stir to clog traffic on the SEC’s website and provided some insight into the social network’s financial situation.
AOL delivered a little bit of something for everyone with its Q4 earnings report — good news, bad news, and hope that its many different initiatives are on track to pay off for the company. First the bad news: AOL reported a profit of US$22.8 million, or 23 cents a share, that was down from the $66.2 million, or 61 cents a share, it earned in the same period a year earlier.
Amazon’s stock took a pummeling Wednesday after the online retailer released quarterly figures that fell short of Wall Street expectations, which had been built up in part by past years’ holiday performances. Amazon’s net income was $177 million, or 38 cents per share, a 57 percent percent drop from a year ago.
This is it — the week every social media investor has been waiting for. Facebook is expected to file for its IPO this week, according to widely circulating rumors, in response to huge demand in the market — to say nothing of its own employees, many of whom stand to become millionaires overnight. Morgan Stanley is said to be the leading investment bank in the offering.
Netflix shares rose sharply after the company reported that it added 610,000 customers and that profit margins in the streaming business this quarter could widen to 11 percent. That said, there was plenty in the earnings report to worry investors and analysts — the company’s profit fell 14 percent from the same period last year and its DVD business lost nearly 3 million subscribers.