Groupon, the online coupon business, has jumped on the internet bandwagon by filing for an initial public offering, and the figures it discloses in its S-1 filing are astonishing in various ways.
In short, Groupon is growing like crazy in terms of number of users and offers, while losing money at an eye-watering rate. To make up for the latter, it has come up with an ingenious way of smartening up its figures.
The S-1 filing shows that Groupon had 83m subscribers at the end of March and its revenues rose from a total of $713m in 2010 to $645m in the first quarter of 2011 alone.
Microsoft has just unveiled some details of its future Windows 8 operating system and, while good-looking, it shows signs of the traditional Microsoft compromises to keep faithful to past versions.
A video shown at the D9 conference on Wednesday shows the new “tiles” that are Microsoft’s way of making it easy for users on its planned generation of tablets to navigate their way around. It clearly hopes that Windows 8 will allow it to catch up with Apple’s iPad.
In the background, however, is the familiar Windows file manager architecture for navigating applications – you can see it switch between the two in the video. Microsoft is thus layering something new on top of something old.
The only thing on which companies and investors seem able to agree about initial public offerings is not to trust investment banks.
Peter Thiel, a Facebook director and Silicon Valley venture capitalist, told the Financial Times this week that bankers had “screwed up” the IPO of LinkedIn by setting the price too low, only for the shares to rise 109 per cent on their first day of trading. At the same time, BlackRock, the institutional investor, complained of banks pricing IPOs too high in the UK to amass fees.
Strategy & managing
About this blog
Welcome. We blog about business and strategy and how and why people who run companies take the decisions that they do. Your comments and criticism are welcome.
John Gapper is an associate editor and the chief business commentator of the FT.
He has worked for the FT since 1987, covering labour relations, banking and the media. He is co-author, with Nicholas Denton, of 'All That Glitters', an account of the collapse of Barings in 1995.
Andrew Hill is an associate editor and the management editor of the FT. He is a former City editor, financial editor, comment and analysis editor, New York bureau chief, foreign news editor and correspondent in Brussels and Milan.
Emma Jacobs is a features writer for the FT, with a particular focus on Business Life. She explores workplace trends, business culture and entrepreneurship and is one of the paper's leading interviewers.
Adam Jones is editor of Business Life, home to the FT's coverage of management, entrepreneurship and working life.
Lucy Kellaway is an Associate Editor and management columnist of the FT. For the past 15 years her weekly Monday column has poked fun at management fads and jargon and celebrated the ups and downs of office life.
Ravi Mattu is the deputy editor of the FT Weekend Magazine and a former editor of Business Life. He writes about management, technology, entrepreneurship and innovation.
Michael Skapinker is an assistant editor and editor of the FT’s special reports. A former management editor of the FT, his column on Business and Society appears every Thursday.