Category Archives: Venturebeat.com
Can you buy good Karma? Facebook just did
Buying its way into social commerce, Facebook has acquired mobile gifting app Karma for an undisclosed sum.
“We’re thrilled to announce that Karma has been acquired by Facebook. The service that Karma provides will continue to operate in full force,” the Karma team announced in a blog post late Friday.
San Francisco-based Karma offers an intelligent way to get ideas and send gifts to friends and family members. It pulls in data from Facebook to determine demographic information and recommend the most appropriate gifts for your loved ones.
The service, launched in February on iPhone and Android, is just months old, meaning that something about the company’s gifting technology or mobile appeal really hit a nerve with Facebook.
VentureBeat writer Jolie O’Dell was thoroughly impressed with Karma when she covered the company’s recent launch. “The design of the app itself is masterful; it’s a joy to look at
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Facebook amends S-1 with share allotments for IPO underwriters
Facebook released the amount of shares allocated to each of its underwriters today, following its less-than-stellar IPO day.
The company went public on the Nasdaq to an EKG-like performance, ending in a .38 cent gain today. The update came in an amendment to the company’s prospectus following the close of the market. Along with Facebook’s tumultuous trading, a number of other tech companies’ share prices fell today, including Zynga’s which had to be halted.
The total number of shares allocated to underwriters amounted to 421,233,615, with Morgan Stanley leading the group with 162,174,942 shares now worth over six billion dollars. Morgan Stanley was followed by J.P. Morgan, Goldman Sachs, Merrill Lynch, and Barclays.
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For Facebook, life ain’t nothin’ but glitches and IPOs
In addition to being one of the largest initial public offerings ever, Facebook’s IPO drew so much interest that the system couldn’t keep up with demand.
Facebook expected to make its public debut at 8 a.m. PT this morning, but trading took an extra half-hour to get underway. While details weren’t provided, Bloomberg was able to confirm that NASDAQ was experiencing a delay.
The Wall Street Journal reported that traders were unable to confirm changes or cancellations made to Facebook orders as early as 4:30 a.m. PT. Once trading did begin, traders were unable to get a confirmation on if they got the stock at the intended price. These glitches ended up putting the social network giant’s stock price into a slump, which caused a sinking reaction among other tech stocks.
It’s possible the glitches were due to the extremely large volume of trades —
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Do not despair: Facebook revenue — and its share price — are just at the beginning
So, Facebook is now public, and it got off to the most unimaginable and inauspicious start, losing $4 between the NASDAQ’s opening and closing bells.
But don’t go jumping out any windows just yet.
There’s no question that the IPO defied expectations in the worst way possible (well, perhaps not the worst), offering at $38 and closing just a few cents higher at $38.37. Even our more conservative sources thought trading would close in the low $40s.
But while the numbers are, as one candid entrepreneur expressed it, “a total crapshoot,” almost everyone we spoke to was quick to point out that both Facebook’s revenues and its stock price are still very much in their infancy.
“This is an eight-year-old company,” pointed out Rebecca Lieb, an Altimeter Group analyst. “When Google went public, they had only recently developed ad products. Facebook is at the beginning of mobile products, advertising products — and it
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