When Facebook became a public company in the summer of 2012, its initial public offering (IPO) didn't go quite as well as the company expected. It went poorly enough that the US Securities and Exchange Commission took action against the exchange which handled Facebook's IPO: Nasdaq. A civil suit filed against the exchange, alleging computer software errors that resulted in a lackluster IPO, was settled today -- the exchange will pay $10 million to settle the suit. The settlement, of course, doesn't mean that Nasdaq is confirming or denying the alleged issues its computer system incurred last year; said issues allegedly cost investors in the ballpark of $500 million. Probably best to un-friend Nasdaq now before things get awkward.
[Image credit: bfishadow]
Filed under: Internet, Facebook
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Source: Reuters
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NVIDIA's balance sheet may not look as appealing as it did just a quarter ago, but the company nonetheless managed to beat the consensus expectations and its stock is now climbing in after-hours trading. Profit for NVIDIA's fiscal Q1 2014 rang in at $77.9 million, which is a 55 percent decrease from the previous quarter, but still 29 percent higher than what it netted in Q1 of last year. It's a similar story for revenue: the company reported sales of $954.7 million, down 13 percent from the previous quarter, but up slightly from Q1 2013. Even beyond beating Wall Street's expectations, NVIDIA is giving investors two other reasons to smile: the success of Kepler has led to record margins of 54.3 percent, and the company will return over $1 billion during the year by way of stock repurchases and dividend payments. As for where it's headed? NVIDIA is looking to return to growth as the year progresses, thanks to a little something called the Tegra 4.
Filed under: Gaming, Wireless, NVIDIA
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Source: NVIDIA
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It has the makings of a film -- but the fallout from one of the world's most sophisticated ATM heists is very real. The New York Times is reporting that a massive team of criminals worked in concert in order to grab some $45 million in a matter of hours over the course of two operations. The sheer scope of the project is hard to wrap one's mind around, involving trained personnel positioned in over two dozen countries.
Earlier today, federal prosecutors in Brooklyn "unsealed an indictment charging eight members of the New York crew, offering a glimpse into what the authorities said was one of the most sophisticated and effective cybercrime attacks ever uncovered." In essence, the hackers were able to infiltrate various credit card processing companies and raise withdrawal limits on prepaid accounts -- from there, cashing crews hit thousands of ATMs, socking away millions in the process. Hit up the source link for the full read; it's a wild one, for sure.
Filed under: Internet
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Source: The New York Times
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While Facebook Home may not be for everyone, it gained some serious traction since its introduction. Today at Facebook HQ, Cory Ondrejka, Director of Mobile Engineering let loose that, in the month since Facebook Home was first released, it's been downloaded over almost 1 million times. And, the addition of the launcher to those phones is turning out as Facebook had hoped, as the company has seen it drive 25 percent greater engagement (time spent using Home and numbers of comments and likes) with the social network once Home is installed. Naturally, most of those million are early adopters, but Director of Product Adam Mosseri stated that they are seeing the user base shift to "more normal users" with each passing week.
Filed under: Cellphones, Software, Mobile
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Netflix has reported its financial results for the first quarter of 2013, and in that period it's added over 3 million customers worldwide. Domestically it added 2.03 million customers alone, pushing its total number over 30 million (including trial users) in the US. That means it's passed HBO in paying subscribers for the first time ever, while notching $2.69 million in net profits on $1.02 billion in revenue for the quarter. Internationally there were over a million new sign-ups and it's planning to launch in a new European market during the second half of this year, which we should hear more about on its Q2 earnings call in July.
One change all users will notice is to its package of streaming plans, as CEO Reed Hastings mentioned an $11.99 per month option is incoming that will allow subscribers to stream as many as four videos simultaneously, up from the current official limit of two. There's some question over whether Netflix will begin to crack down harder on account sharing, but Hastings claims he expects less than one percent of users to opt for the new plan. The company is also continuing to test the personalized profiles we got a peek at during CES, and expects to roll them out "in the coming months." Another major note is that as it expands its suite of original content, it's shifting focus away from some of existing "bulk, nonexclusive" licensing deals and will let a major one from Viacom expire in May. Specifically referenced is content from Nickelodeon, MTV and BET, although it's negotiating for access to particular shows. In the future, its preferred option will be exclusive deals with the studios that produce the shows, like the one it announced earlier this year with Warner. Check after the break for a few more details, including updates on the progress of some of its original series.
Filed under: Home Entertainment, HD
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Source: Netflix Q1 Investors letter (PDF)
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A man accused of being one of the "most prolific sellers" of counterfeit electronics in the UK has just been sent down for two and a half years. Over 4,000 KiRFs, mainly consisting of knock-off Sennheiser and Monster headphones, were found at Michael Reeder's address, with a value of around £250,000 ($400,000). However, Sennheiser claims this is just 1 percent of $40 million worth of items Reeder has sold online, which is why the German manufacturer has taken a keen interest in his prosecution. Last year, Sennheiser introduced a series of authentication technologies to prevent counterfeiting that was mainly originating in China -- including QR codes on product packaging that customers can verify online. If Sennheiser's estimate of 400,000 fake items is accurate, then it makes the UK's recent Microsoft Windows scandal look almost like small fry.
Update: Apologies for the earlier stumble with missing zeroes on this post.
Filed under: Misc, Home Entertainment, Portable Audio/Video
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LinkedIn has been pretty clearly repositioning itself as a source for news as of late, and it's now made that shift even clearer with a fairly major acquisition. The company announced today that it has acquired Pulse, maker of news reader apps for mobile devices (in addition to a web-based offering) at a cost of some $90 million. In its own blog post announcing the news, Pulse says that its apps will remain as they are for now, although they will now offer a "LinkedIn Influencer" feed featuring the company's hand-picked contributors. According to Pulse, its apps currently have over 30 million users around the globe, with approximately 40 percent of those outside the US; for its part, LinkedIn recently topped 200 million users.
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Source: LinkedIn, Pulse
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