KDnuggets : News : 2004 : n09 : item18 < PREVIOUS | NEXT >


Google files for unusual $2.7 billion IPO

The registration filing with the Securities and Exchange Commission offers an estimate of what the company believes it may be able to raise with its initial public offering, but it does not disclose the number of shares that will be offered, nor the range in price for those shares.

In an unusual provision for a technology company, Google will create two classes of shares with different voting rights, a move that aims to guarantee that founders Sergey Brin and Larry Page will maintain decision-making authority. Such structures have proved beneficial in media companies such as The New York Times, the filing states.

With the filing, Google for the first time released its financial results, answering long-awaited questions about the company's profitability. The company generated $961.9 million in revenue in fiscal 2003 and posted $105.6 million in net profit. That marked the third consecutive year of profits for the Web's most popular search engine. During the most recent quarter, which ended March 31, Google collected $389.6 million in revenue and posted a $64 million profit.

Here is the rest of the story.

KDnuggets : News : 2004 : n09 : item18 < PREVIOUS | NEXT >

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