Google Announces Value

  • July 26, 2004
In an updated filing with the Securities and Exchange Commission, Google Inc. placed the value of its initial public offering between $2.7 billion and $3.3 billion, and chose GOOG as its Nasdaq ticker symbol.

The company also said that it expects its shares to sell between $108 and $135 a piece, and estimates that it will receive net proceeds of $1.66 billion from the sale of 14.1 million shares at a presumed price of $121.50 per share.

Google also updated its financials in the SEC filing. For the first half of 2004, Google reported net income of $143 million on revenue of $1.35 billion, compared with net income on revenue of $559.8 million over the same period last year.

Google also mentioned that it recommended that the SEC bring a civil injunction against David C. Drummond, its vice president of corporate development, secretary and general counsel for the alleged violation of federal securities laws at his former job as chief financial officer of SmartForce.

Also, on Monday, Web search company Ask Jeeves Inc. said it extended an agreement to use Google Inc.'s paid-search technology through 2007 on its search engine and its network of Web sites.

Next story loading loading..