Last night, Netflix CEO Reed Hastings faced Wall Street with third quarter earnings which weren’t terrible in and of themselves. But he spooked investors with projected losses going into next year. The growth investors who remained in the stock started fleeing in after-hours trading, and this morning shares opened at $74.90, down 37 percent from a close of $119 yesterday.
That $44 drop translates into $2.3 billion worth of Netflix market cap getting wiped out in a single night. Netflix’s current market cap is just shy of $4 billion, down from more than $16 billion at its peak last July. LinkedIn, with a market cap of $8,6 billion, is now worth twice as much as Netflix. → Read More
Local search site Loku launches in public beta today, with the aim of helping people quickly find out more about the environs around them — using the vast repository of location-based information available.
Instead of making the user pour through crowdsourced information, Loku uses natural language search to serve up the most relevant articles in a given area through its “Know Local” function, allowing people to look for relevant media around the topics of “Good Eats,”"Culture,” etc. It’s “Go Local” function lets people use a slider to sift through a sentiment rank of the places around them.
→ Read More
Looks like Google this morning rolled out a brand new design for its Chrome Web Store, and it’s a major improvement.
The updated Web app marketplace, first released in December 2010, is all about the software, now boasting large squares with attractive app visuals. → Read More