AllThingsD » public company

Here's What Zuckerberg Said to Employees Before Ringing the Opening Bell (Video)

Tricia Duryee — Sat, 19 May 2012 21:04:03 +0000

Haven’t gotten enough coverage of Facebook’s initial public offering yet? Here’s a video of CEO Mark Zuckerberg giving a speech to employees before ringing the opening bell on Friday.

“Our mission isn’t to be a public company,” he said. “Our mission is to make the world more open and connected.”

The speech, which was shot by Bloomberg, took place at the company’s headquarters in Menlo Park, Calif., the day after it raised $16 billion in one of the biggest IPOs in recent history.

Zuckerberg added that it took eight years to turn Facebook into the largest community in the history of the world, and said, “I can’t wait to see what you’ll do, going forward.”

As a bonus, here’s Zuck accepting a hoodie from the Nasdaq.

Palm Running Out of Time–Again

John Paczkowski — Fri, 19 Mar 2010 14:14:15 +0000

Remarking on Palm’s gruesome third quarter during an earnings call yesterday, CEO Jon Rubinstein called the company’s performance “extremely disappointing to me personally.” This sentiment seems to be widely held among investors, who are dragging the company’s shares through the mud today–at $4.66, Palm is down 17.52 percent as I write this–and among analysts questioning whether Palm can ever pull off the turnaround for which it’s striving.

Analysts issued a handful of research notes on the company this morning and they are all viciously negative. The headlines proclaim that Palm’s brand value has collapsed, its financial performance is a disaster, and its execution missteps in a business as competitive as the mobile market have left its prospects dubious.

Over at Canaccord Adams, Peter Misek essentially threw in the towel on the company: “We believe that Palm’s troubles will only accelerate as carriers and suppliers increasingly question the company’s solvency and withdraw their support,” he wrote.

“With what appears to us to be roughly 12 months of cash on hand, an accelerating burn rate, a complete lack of earnings visibility, and substantial debt and preferred equity,” Misek added, “we no longer see any value in the company’s common equity. As such, we are reiterating our SELL recommendation and reducing our target to US$0.00 (previously US$4.00).”

Then there was this from Kaufman Bros. analyst Shaw Wu: “While we believe PALM has some value with its webOS and tight integration of hardware and software, we are unsure of the company’s prospects as an ongoing concern.”

And this from Morgan Keegan analyst Tavis McCourt: “It is certainly looking less likely that Palm can execute this turnaround on its own, but the company has at least one more chance with new hardware later this year to try and create some real consumer demand for webOS.”

And finally, this from Needham and Company’s Charlie Wolf: “Palm appears to be in a no-win situation. The company could invest even more in marketing the Pre and Pixi. But it’s unclear whether Palm could ever spend enough to reach a position where Pre and Pixi sales were sufficient to cover its marketing bill and return the company to profitability.”

Wolf concludes that “In the mean time, time is running out. Supported by an increasing number of smartphone manufacturers, the Android juggernaut is continuing to gain steam. And the day when Microsoft (N/R) launches Window Phone 7 and rejoins the spending party is drawing closer.”

If it’s true that bad news begets bad news, Palm is in for a very rough time of it in the months ahead. The company has already lost half its market value since the year began. Time for a takeover? Perhaps, though Rubinstein seems intent on staying the course.

“There’s all kinds of speculation out there that we are going to get bought, that we are not going to get bought,” Rubinstein said on the earnings call Thursday. “We’re not going to comment on any of those. Obviously, we are a public company. And if there’s a reasonable proposal, of course the Board has to consider it. But, that being said, our focus since the day I arrived here, and that’s almost three years ago now, is to build a great company with a great mobile platform and great products. And that has been our focus.”

FURTHER READING:

Yahoo Product Head and CTO Ari Balogh Speaks!

Kara Swisher — Thu, 02 Jul 2009 21:05:01 +0000

In BoomTown’s bold quest to annoyingly stick a Flip digital video camera in the face of every Yahoo senior exec, this week I worked the last nerve of its CTO and EVP of Products, Aristotle “Ari” Balogh.

Actually, the 45-year-old Balogh is a very calm and pleasant man, especially considering the huge responsibility that has been foisted on him by CEO Carol Bartz to rejigger how Yahoo (YHOO) makes its products and services and deploy its technology in a more efficient, centralized and most of all, innovative manner.

It is actually a process that was started under the previous leadership, especially President Sue Decker.

But now, after a number of reorgs, a wide swath of Yahoo is under Balogh’s purview–from search to open initiatives to product development to trying to fix Yahoo’s big problem of never quite getting its innovations out the door.

To explain all this, Balogh sat down with me twice–he is clearly a glutton for punishment–to talk about where Yahoo stood as it sought to dig itself out of its long slump and reemerge as the potent Internet force it once was.

While he successfully avoided the questions about Yahoo’s talks to do a search and advertising partnership with Microsoft (MSFT), he did talk about his view of its new Bing search service (well done, but can it scale?–which is an engineer’s favorite schoolyard taunt).

He also addressed the bigger question of how Yahoo can stay relevant in the fast-changing Web 2.0 world.

To Balogh, copying trendsetters like Facebook is not the answer. For example, he noted that Yahoo is more a place where consumers do “one-way” follows of things important in their lives rather than wanting another social-network service (which Yahoo has tried and failed at, actually).

“We’re not going to be another social network,” said Balogh flatly, agreeing that that boat has already long sailed without Yahoo on it with a significant product–Yahoo famously failed to buy Facebook, well before Balogh arrived in early 2008 from VeriSign (VRSN). “But we can be a place where people make and manage the important connections they have.”

How this will all play out is one of the most interesting questions in Silicon Valley because–even after all the turmoil–Yahoo remains one of the largest sites on the Web.

About 500 million monthly unique visitors enter its homepage and course through its vast site constantly, from its search pages to its massive email and instant-messaging services and its popular suite of content sites.

No one says Yahoo is not big–what everyone says is that it has missed many major and critical Internet trends as it has become mired in a management morass and external battles.

Now, with new leadership in place, observers are waiting to see what’s next.

In this regard, it is important what Balogh thinks since he is perhaps Yahoo’s only person who even closely resembles a Web product visionary now that former CEO and co-founder Jerry Yang has stepped aside and Bartz has taken up command.

While he typically shies away from the spotlight, he is not bashful about talking about Yahoo’s infamous lugubrious development process.

“We have pockets of great technology that we have to really put back together into a coherent infrastructure,” said Balogh. “We have to get the basics right and focus on those core daily experiences that make Yahoo extraordinary.”

That is easier said than done, especially when changes impact so many consumers and, of course, the bottom line. Choosing what key trends to attack is harder for a large public company like Yahoo, which has a lot to protect in its current businesses.

“There will always be a battle between new ideas and monetization,” said Balogh. “The question is how much do you push that line back and forth?”

That fine line will surely be tested with the rollout of its new homepage in the fall, a long project that has been codenamed “Metro.”

“It is not a radical departure, but we have given users more power to do what they want and also serve as the best of Web versus that is already inside of Yahoo,” said Balogh of the new homepage. “With technology, it is always a push-pull.”

Here’s my video interview with him, talking about all this and more:

[ See post to watch video ]

Yahoo Investors: We Would Have Preferred Steve Jobs…

John Paczkowski — Tue, 13 Jan 2009 20:17:40 +0000

The markets are having their say about Yahoo’s choice of Autodesk Chairwoman Carol Bartz as CEO and they don’t seem to much care for it. Though Bartz is a widely respected Silicon Valley veteran and has done much to improve Autodesk’s fortunes, investors aren’t so sure she’ll do the same for Yahoo (YHOO).

Shares of the deteriorating Internet company slipped on news of the impending announcement, falling more than two percent to $11.96. Earlier in the day, they’d been trading at $12.79.

Clearly, Bartz’s appointment doesn’t appear to be inspiring much confidence in investors–at least at the outset. Perhaps all her enterprise experience is proving a bit of a turnoff. Ten years as vice president at Sun Microsystems (JAVA). Board seats at Intel (INTC), Cisco Systems (CSCO), and NetApp (NTAP). Where’s the Internet experience? Where’s Steve Jobs? Surely he could right this sinking ship.

“She was an inoffensive, but largely unexciting candidate–someone who would be a steady hand at the wheel–but investors were hoping for a lot more than that,” Jeff Lindsay, an analyst at Sanford C. Bernstein in New York, told Bloomberg. “She’s undoubtedly a competent and able executive. The problem is, is she the right fit for the job?”

Likely a better fit than Jerry Yang. And that’s a start, right? Oh, there’s this as well: When Bartz started at Autodesk it had revenues of $285 million. Today it generates about $1.5 billion.

Says Needham analyst Mark May:

If the reports are accurate, our initial reaction is that we view Bartz as a good choice because:

she has an established track record of running (CEO) a major public company (there are few/no such individuals w/ both major public CEO and new media experience)
she has a strong technical background, having run Autodesk and served on the Boards of Cisco, Intel, NetApp and others
based on our conversations, she is well-regarded by industry counterparts, investors and analysts
based on our conversations as well as a review of a series of presentations Bartz has given over the years, she not only shows great leadership qualities, but is thoughtful and passionate about a number of topics important to Yahoo today (e.g., global ops mgmt, consumer targeting/personalization, integration w/ wireless platforms, dealing w/ unexpected corp stresses, etc.)
Bartz is a known quantity at the senior levels of Yahoo, w/ Yang having served w/ her on the Cisco board and Yahoo! President Sue Decker serving on the Intel board w/ her.

Of course, there is more we’d like to see/hear before making our final determination, such as i) what’s Bartz’s strategy/vision; ii) will current President Sue Decker resign; iii) will Bartz hire a strong #2 w/ new media experience; and, iv) will Chairman Roy Bostock resign. That said, our initial reaction to the possibility of Bartz being named Yahoo!’s new CEO is favorable.

Netflix Back in Business

John Paczkowski — Fri, 15 Aug 2008 18:00:21 +0000

[ See post to watch video ]