Facebook, which is gearing up for the biggest ever tech initial public offering, could raise as much as $13.6 billion from its offering, according to documents filed with the Securities and Exchange Commission on Thursday. The social networking giant amended its S-1 filing, detailing an anticipated price range of $28 to $35 a share. Facebook estimated that net proceeds from the sale of its common stock will be about $5.67 billion, assuming an IPO price of $31.50 a share, which is the midpoint of its price range, and the sale of roughly 180 million shares.
LinkedIn ( LNKD) posted better-than-expected first-quarter results, as revenue at its biggest unit more than doubled. LinkedIn reported earnings of 15 cents a share on revenue of $188.5 million for the March-ended period. Analysts polled by Thomson Reuters were expecting earnings of 9 cents a share on revenue of $178.58 million. Sales at Hiring Solutions, its biggest segment, soared 121% to $102.6 million. It accounted for 54% of revenue, up from 49% a year earlier.
Yahoo! ( YHOO) brushed off the distortion in CEO Scott Thompson's education credentials as an "inadvertent error." New York hedge fund manager Daniel Loeb, a disgruntled Yahoo! shareholder, had questioned Thompson's qualifications after he exposed a misrepresentation about the education of the Yahoo! CEO, The Associated Press reported. Loeb discovered Thompson doesn't have a bachelor's degree in computer science from Stonehill College, as Yahoo! stated in a regulatory filing last week. The CEO has an accounting degree from Stonehill.
Berkshire Hathaway's ( BRK.B)annual meeting takes place this weekend in Omaha, Neb. A highlight of the event is the Q&A with billionaire investor Warren Buffett, Berkshire's CEO. But the tone of this year's meeting could be different since Buffett, 81 years old, said last month he had been diagnosed with prostate cancer.
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