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Dropbox Files To Go Public

Dropbox Files To Go Public

Ten years after its launch, Dropbox has filed to go public. The cloud storage company has been around since 2007 and has raised more than $600 million in funding. TechCrunch reports: We knew that it had already filed confidentially, but the company has now unveiled its filing, meaning the actual IPO is likely very soon, probably late March. The company says it will be targeting a $500 million fundraise, but this number is usually just a placeholder. The filing shows that Dropbox had $1.1 billion in revenue last year. This compares to $845 million in revenue the year before and $604 million for 2015. The company is not yet profitable, having lost nearly $112 million last year. This shows significantly improved margins when compared to losses of $210 million for 2016 and $326 million for 2015. Dropbox has been cash flow positive since 2016.

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Posted by amiller in Blog, business
Venezuela Says Its Cryptocurrency Raised $735 Million — But It's a Farce

Venezuela Says Its Cryptocurrency Raised $735 Million — But It's a Farce

Earlier this week, Venezuelan President Nicolas Maduro claimed that a new state-sponsored cryptocurrency called the petro raised $735 million on the first day of its sale. ArsTechnica dives deep on the matter to suggest that it’s all a farce. From the report: The government hasn’t provided any way to independently verify that $735 million figure. And there’s reason to doubt almost everything the Venezuelan government has said about the project. Moreover, there’s little reason to believe that the petro will maintain its value over time. The Venezuelan government has portrayed petro tokens as backed by Venezuela’s vast oil reserves, but they’re not. The government is merely promising to accept tax payments in petros at a government-determined exchange rate linked to oil prices. Given the Venezuelan government’s history of manipulating exchange rates, experts say investors should be wary of this arrangement. Moreover, the petro scheme has been opposed by opposition legislators in Venezuela’s opposition-controlled legislature. They say that the Maduro government is essentially issuing oil-backed debt, and legally that can’t be done without approval from the legislature. If Maduro falls from power in the future, his successor might refuse to honor petro redemptions.

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Posted by amiller in Blog, business
Disney Loses in Redbox Copyright Row

Disney Loses in Redbox Copyright Row

Disney has lost a bid to stop movie rental company Redbox from reselling download codes for its films. From a report: Redbox bought Disney movies on DVD to offer for rental in its kiosks. The DVDs were often bundled with a code to download a copy of the film. Disney requested an injunction to stop the practice, saying that Redbox had no business arrangement with it. A California federal judge accused Disney of “copyright misuse.” Redbox rents and sells movies via tens of thousands of automated kiosks that dispense DVD and Blu-ray discs.

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Posted by amiller in Blog, business
Uber Will 'Invest Aggressively' In India And Southeast Asia, CEO Says

Uber Will 'Invest Aggressively' In India And Southeast Asia, CEO Says

Pranav Dixit, writing for BuzzFeed News: Dara Khosrowshahi, Uber’s CEO of six months, said on Thursday that the ride-hailing service would continue to invest aggressively in both Southeast Asia and India, where the company is losing money and faces strong competition from local players like Grab and Ola. Uber has been slow to expand its presence in India and Southeast Asia, allowing competitors to quickly gain ground. Singapore’s Grab, for instance, claimed to have 95% of the country’s ride-hailing market share last year. And Ola, Uber’s Indian rival, currently operates in 110 cities against Uber’s 29 cities. Ola does 1 billion rides annually, compared to Uber, which announced in mid-2017 that it completed 500 million total rides in the country in its first four years of operations. “We expect to lose money in Southeast Asia and expect to invest aggressively in terms of marketing, subsidies, etc.,” Khosrowshahi told reporters in India, which is Uber’s fastest-growing market outside the United States, and where he is currently on his first official tour. While Uber’s India operation is not yet profitable, it does account for 10% of Uber’s rides globally.

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Posted by amiller in Blog, business
Uber Launches 'Express Pool' To Get More Riders To Share Rides

Uber Launches 'Express Pool' To Get More Riders To Share Rides

An anonymous reader quotes a report from Recode: Uber is beginning to roll out a cheaper version of its ride-sharing UberPool service, called Express Pool. The service, which was being tested in Boston and San Francisco, is now available in Los Angeles, San Diego and Denver, and will launch in Miami, Philadelphia and Washington, D.C., tomorrow. The idea is that Express Pool, which requires riders to walk a little to meet their driver — and then again to their destination after being dropped off — will make shared rides more efficient. If it works, it should both increase the number of rides that drivers can give and also make those shared trips faster for passengers. The new service tests a thesis Uber has long had: Lower prices means higher utilization, and higher utilization means more money — both for drivers and for Uber. Also that road congestion is bad and the solution is to share more rides. Those are the same theories that sparked the creation of the original UberPool service, which requires a little less walking. But the hope is that this will make it easier to match more passengers and therefore lose less money on each shared ride.

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Posted by amiller in Blog, business