NEW YORK (AP) - Investors showed their appetite for freshly public technology stocks on Friday, but a decidedly old-school company - Fender Instruments - bowed out of its planned initial public offering citing market conditions.
Analysts were quick to isolate the guitar maker as a solo act, out of tune with the broader IPO market. The rest of the bunch did well, after all. The stock of security software company Palo Alto Networks popped 27 percent in its market debut. The stock of Kayak, the travel-booking website jumped 28 percent.
So much for the 'Facebook freeze.' There are eight IPOs scheduled for next week. There's a security software maker from the Netherlands, a high-end steakhouse from Texas and a natural-food grocery store chain from Lakewood, Colo., among others. The diversity of companies taking the plunge, along with their sheer number during the usually slow summer season, shows that the market for initial public offerings is in the midst of a rebound after a lull that followed Facebook's mid-May debut.
Yes, the IPO market is 'back, for the time being,' said Francis Gaskins, president of researcher IPOdesktop. Though the companies going public are small, they also hail from various industries, which is a good sign for the IPO market as well as the broader economy. It means the market is not dependent on just one sector doing well. That was an issue last year, when a slew of high-profile Internet companies focused on social networking went public. Several -including Groupon and Zynga - flopped despite the hype.
Now, investors are looking for companies that have proven they can grow.
'At best, this economy is flat, and it's hard to find growth opportunities,' Gaskins said. He added that both Kayak Software Corp. and Palo Alto Networks Inc. are growing their revenue and doing well in spite of the economy.
'There are a few companies that fit that criteria. And the ones that do get demand,' he said. 'Tech stocks are the ones that are showing consecutive quarterly growth and good gross (profit) margins.'
Facebook, of course began trading May 18, the Friday that capped the worst week for the U.S. stock market this year. After months of hoopla, the social network saw its stock land with a thud. It is now trading 24 percent below its $38 IPO price. After Facebook, the IPO market was frozen for five weeks. It began to thaw in the last week of June when natural gas company EQT Midstream Partners went public on the 26th.
Next week's planned IPOs include computer-security software maker Avast Software, which is looking to raise $90 million, Del Frisco's Restaurant Group, which wants $105 million and Natural Grocers by Vitamin Cottage Inc., which is looking at $100 million. Even combining all eight companies doesn't add up to $1 billion - one sixteenth of the size of Facebook's massive public offering.
'Facebook was an enormous IPO at $16 billion,' Gaskins said. 'These companies are small, but at least it's happening.'
Although Fender cited market conditions and Europe's economic woes as the reason for its pullout, the 66-year-old company is very different from its tech-industry counterparts. It's not growing as fast as investors expect of a company that is about to go public. And while it has an interesting story, that's not enough to attract big institutional investors, said John Fitzgibbon, the founder of IPOScoop.com.
'It's an isolated situation,' he added.
The rest of the market looks better. If startups are opening their books and courting wider investments, experts say, they're likely upbeat about their future business and the economy. And a strong market for initial public stock offerings could drive growth, as companies loaded with fresh cash hire new workers.
'The market is a little stronger than people realized,' said John Fitzgibbon, the founder of IPOScoop.com.
Gaskins is also upbeat about the next few weeks. Then, it'll get quiet until Labor Day.
'After the first 10 days of August it all goes dead,' he said. 'Investors want to go to the beach instead of roadshows.'
This article is brought to you by CHEAP COMPUTERS.
Friday, July 20, 2012
Twitter Olympics: Beware the distractions
LONDON (AP) - Hello (at)Twitter world!!! I'm at (hash)Olympics. Shd be training not tweeting ... LOL
Laugh if you like, but there was a bit of a buzz Friday about athletes risking their medal chances with every 'tweet' and 'like' on Twitter and Facebook.
'I have found quite a close correlation between the number of tweets at competitive times and the level of under-performance,' said Sebastian Coe, a two-time Olympic gold medalist in the 1,500 meters and the head organizer of what is being dubbed the 'Social Media Games.'
'From a personal perspective, when I was an athlete I just wanted complete and total focus,' he said. 'I knew it was my time and that they don't come around that often. If I was focusing on trying to defend a title I wouldn't be reading Twitter, I wouldn't be interested in it. Why would I?'
British tennis star Andy Murray echoed those sentiments.
'You don't want to be on it (Twitter) too much,' Murray said Friday. 'It's a bit like sitting on a computer 20 minutes, 30 minutes before your match. You wouldn't be advised to do that. The same applies with tweeting or mobile phones, I would have thought.'
While agreeing that social media is popular and fun, 'Can't talk. (hash)training' may be the most apt tweet or status update, especially at the games. And it's far less than 140 characters.
'It's good to keep in contact with your family and friends,' Australian shooter Alethea Sedgman said. 'But sport-wise, it's better to focus without Facebook.'
The Australian cycling team doesn't use social media during competition time. No RTs for them, maybe just some RTTs (remember to train).
'Cycling have taken their own initiative and other sports are looking at ways of doing that,' Australian team chef de mission Nick Green said.
There's no doubt that over the next month Twitter and Facebook will probably get you closer than ever to Olympic athletes.
At the London Games, their tweeting will tell you more than you need - or maybe want - to know about their lifestyles and everyday habits.
For instance, Michael Phelps doesn't like the new U.S. swim team caps. Usain Bolt is hungry for chicken. American hurdler Lolo Jones is a virgin.
It's a window to what they think, what they eat, what they listen to and watch. Basically, how they live.
Jones, by the way, says she's waiting for the right man. TMI?
'There is no doubt that social media has been and can be a distraction,' said Green, the Australian chef de mission. 'I've also said it can be used in a very positive way and the athletes are working out where those boundaries are.'
Social media is OK, tennis player Elena Baltacha said, 'so long as you're sensible and you're not tweeting as you walk onto court.'
Maybe the craze is even wearing off for some sports stars.
'I actually haven't done it (tweet) for a couple of months,' said Murray, who didn't even tweet about reaching the Wimbledon final a few weeks ago.
Many Olympic teams now have guidelines on how athletes can use Twitter and Facebook and other online platforms, setting boundaries for controversial posts. It's especially relevant this year, with social media clearly being embraced by the International Olympic Committee.
The British Olympic Association, which watches over 542 athletes - the biggest team at the games - has compiled a list of 'Dos' and 'Don'ts.'
In addition to warnings about swearing and unsuitable posts, the BOA notes that tweeting also could give the opposition a boost.
'DON'T ... Forget your rivals may be reading,' the BOA says. 'Other competitors may gain confidence if they read any comments you make about poor form in training, feeling tired, upset or low on confidence.'
And there's one more reason for athletes to beware social media: It doesn't actually make you very sociable.
'There's so many things to see and do here,' Sedgman said. 'There's better things to do than sit on your butt and play on Facebook, as much fun as that is.'
TTYL.
This news article is brought to you by RELATIONSHIPS ADVICE - where latest news are our top priority.
Laugh if you like, but there was a bit of a buzz Friday about athletes risking their medal chances with every 'tweet' and 'like' on Twitter and Facebook.
'I have found quite a close correlation between the number of tweets at competitive times and the level of under-performance,' said Sebastian Coe, a two-time Olympic gold medalist in the 1,500 meters and the head organizer of what is being dubbed the 'Social Media Games.'
'From a personal perspective, when I was an athlete I just wanted complete and total focus,' he said. 'I knew it was my time and that they don't come around that often. If I was focusing on trying to defend a title I wouldn't be reading Twitter, I wouldn't be interested in it. Why would I?'
British tennis star Andy Murray echoed those sentiments.
'You don't want to be on it (Twitter) too much,' Murray said Friday. 'It's a bit like sitting on a computer 20 minutes, 30 minutes before your match. You wouldn't be advised to do that. The same applies with tweeting or mobile phones, I would have thought.'
While agreeing that social media is popular and fun, 'Can't talk. (hash)training' may be the most apt tweet or status update, especially at the games. And it's far less than 140 characters.
'It's good to keep in contact with your family and friends,' Australian shooter Alethea Sedgman said. 'But sport-wise, it's better to focus without Facebook.'
The Australian cycling team doesn't use social media during competition time. No RTs for them, maybe just some RTTs (remember to train).
'Cycling have taken their own initiative and other sports are looking at ways of doing that,' Australian team chef de mission Nick Green said.
There's no doubt that over the next month Twitter and Facebook will probably get you closer than ever to Olympic athletes.
At the London Games, their tweeting will tell you more than you need - or maybe want - to know about their lifestyles and everyday habits.
For instance, Michael Phelps doesn't like the new U.S. swim team caps. Usain Bolt is hungry for chicken. American hurdler Lolo Jones is a virgin.
It's a window to what they think, what they eat, what they listen to and watch. Basically, how they live.
Jones, by the way, says she's waiting for the right man. TMI?
'There is no doubt that social media has been and can be a distraction,' said Green, the Australian chef de mission. 'I've also said it can be used in a very positive way and the athletes are working out where those boundaries are.'
Social media is OK, tennis player Elena Baltacha said, 'so long as you're sensible and you're not tweeting as you walk onto court.'
Maybe the craze is even wearing off for some sports stars.
'I actually haven't done it (tweet) for a couple of months,' said Murray, who didn't even tweet about reaching the Wimbledon final a few weeks ago.
Many Olympic teams now have guidelines on how athletes can use Twitter and Facebook and other online platforms, setting boundaries for controversial posts. It's especially relevant this year, with social media clearly being embraced by the International Olympic Committee.
The British Olympic Association, which watches over 542 athletes - the biggest team at the games - has compiled a list of 'Dos' and 'Don'ts.'
In addition to warnings about swearing and unsuitable posts, the BOA notes that tweeting also could give the opposition a boost.
'DON'T ... Forget your rivals may be reading,' the BOA says. 'Other competitors may gain confidence if they read any comments you make about poor form in training, feeling tired, upset or low on confidence.'
And there's one more reason for athletes to beware social media: It doesn't actually make you very sociable.
'There's so many things to see and do here,' Sedgman said. 'There's better things to do than sit on your butt and play on Facebook, as much fun as that is.'
TTYL.
This news article is brought to you by RELATIONSHIPS ADVICE - where latest news are our top priority.
Thursday, July 19, 2012
Yahoo CEO Mayer's pay package worth more than $59M
NEW YORK (AP) - Yahoo is giving its new chief executive Marissa Mayer a compensation package worth more than $59 million over the next several years.
Yahoo Inc. said in a regulatory filing Thursday that Mayer will receive an annual salary of $1 million. She's also eligible for a $2 million bonus, and $12 million in restricted stock and stock options that will vest over several years.
Meyer, who is 37 and was lured away from Google Inc., will also receive $30 million in the form of a one-time retention award if she stays at Yahoo for 5 years.
Yahoo says it will also give Mayer restricted stock valued at $14 million to partially compensate her for forfeiting money she would have received at Google.
That said, the most she will take home this year is $5.4 million. That includes her salary, bonus and part of the 'make-whole' compensation, according to Yahoo spokeswoman Dana Lengkeek.
The typical CEO of a public company in the U.S. made $9.6 million last year, according to an analysis by The Associated Press using data from Equilar, an executive pay research firm.
Yahoo's previous - and short-lived - CEO, Scott Thompson, had a $27 million pay package. Thompson's salary and bonus were the same as Mayer's, but Yahoo dangled more incentives in front of Mayer to lure her away from Google. Thompson stepped aside in mid-May amid an uproar over misleading information on his resume.
On Tuesday, Mayer became Yahoo's fifth CEO in five years. She spent the previous 13 years at Google. She was the Internet search leader's 20th employee and helped build some of its most iconic products.
This news article is brought to you by MOVIE CRITIC NEWS - where latest news are our top priority.
Yahoo Inc. said in a regulatory filing Thursday that Mayer will receive an annual salary of $1 million. She's also eligible for a $2 million bonus, and $12 million in restricted stock and stock options that will vest over several years.
Meyer, who is 37 and was lured away from Google Inc., will also receive $30 million in the form of a one-time retention award if she stays at Yahoo for 5 years.
Yahoo says it will also give Mayer restricted stock valued at $14 million to partially compensate her for forfeiting money she would have received at Google.
That said, the most she will take home this year is $5.4 million. That includes her salary, bonus and part of the 'make-whole' compensation, according to Yahoo spokeswoman Dana Lengkeek.
The typical CEO of a public company in the U.S. made $9.6 million last year, according to an analysis by The Associated Press using data from Equilar, an executive pay research firm.
Yahoo's previous - and short-lived - CEO, Scott Thompson, had a $27 million pay package. Thompson's salary and bonus were the same as Mayer's, but Yahoo dangled more incentives in front of Mayer to lure her away from Google. Thompson stepped aside in mid-May amid an uproar over misleading information on his resume.
On Tuesday, Mayer became Yahoo's fifth CEO in five years. She spent the previous 13 years at Google. She was the Internet search leader's 20th employee and helped build some of its most iconic products.
This news article is brought to you by MOVIE CRITIC NEWS - where latest news are our top priority.
Google's 2Q earnings rise as clicks on ads soar
SAN FRANCISCO (AP) - Google earnings hit analysts' target as refinements to the company's Internet search technology lured more Web surfers to click on its revenue-producing ads.
The performance announced Thursday seemed to ease investor concerns that have caused Google's stock to fall so far this year while the major market indexes have posted gains.
Google shares added $19.44, or more than 3 percent, to reach $612.50 in extended trading after the report came out.
The results included Google's $12.5 billion acquisition of cellphone maker Motorola Mobility Holdings Inc. for the first time. Google Inc. owned Motorola for the final 39 days of the quarter ending in June.
Excluding Motorola, Google's revenue during the quarter would have grown at the slowest pace since 2009. That slowdown stemmed primarily from the economic turmoil in Europe that has weakened currencies overseas, resulting in less revenue when sales are converted into U.S. dollars.
The uncertainty caused by heavy government debt burdens in Europe also contributed to 'somewhat difficult' conditions, Google Chief Financial Officer Patrick Pichette told analysts during a Thursday conference call.
As expected, Google CEO Larry Page skipped the conference call while he recovered from an unspecified throat problem that the company revealed at its annual stockholders' meeting last month.
Google earned $2.8 billion, or $8.42 per share, during the three months ending in June. That compared with net income of $2.5 billion, or $7.68 per share, last year.
The earnings would have been $10.12 per share, if not for Google's accounting costs for employee stock compensation and the Motorola deal. That figure was in line with the average estimate of $10.10 per share among analysts polled by FactSet.
Revenue climbed 35 percent from last year to $12.2 billion. If not for Motorola, revenue would have increased 21 percent. That would have been Google's slowest rate of revenue growth since the fourth quarter of 2009 when the company was just starting to recover from the Great Recession.
Google's revenue, excluding Motorola, stood at $8.36 billion after subtracting the ad commissions paid to is advertising partners. That was about $70 million below analyst projections.
The second-quarter numbers were propelled by technology changes that feature more advertising links when Google's search formula concludes a user's request is driven by a desire to buy a product, book a vacation or make some kind of other commercial transaction. As it gathers more data about users, Google also believes it can do a better job interpreting people's individual interests so it can tailor ads to suit their preference.
The improvements appeared to pay off in the latest quarter. The number of total clicks on Google's ads during the second quarter increased 42 percent from the same time last year.
That activity is crucial to Google because the company usually only gets paid when a Web surfer clicks on an advertising link.
The increasing volume in clicks helped Google shake off a deepening decline in its ad prices. The average price per click plunged 16 percent from last year. It marked the third consecutive quarter of year-over-year erosion in Google's ad prices. The previous decreases ranged from 8 percent to 12 percent.
This article is brought to you by BUY COMPUTERS.
The performance announced Thursday seemed to ease investor concerns that have caused Google's stock to fall so far this year while the major market indexes have posted gains.
Google shares added $19.44, or more than 3 percent, to reach $612.50 in extended trading after the report came out.
The results included Google's $12.5 billion acquisition of cellphone maker Motorola Mobility Holdings Inc. for the first time. Google Inc. owned Motorola for the final 39 days of the quarter ending in June.
Excluding Motorola, Google's revenue during the quarter would have grown at the slowest pace since 2009. That slowdown stemmed primarily from the economic turmoil in Europe that has weakened currencies overseas, resulting in less revenue when sales are converted into U.S. dollars.
The uncertainty caused by heavy government debt burdens in Europe also contributed to 'somewhat difficult' conditions, Google Chief Financial Officer Patrick Pichette told analysts during a Thursday conference call.
As expected, Google CEO Larry Page skipped the conference call while he recovered from an unspecified throat problem that the company revealed at its annual stockholders' meeting last month.
Google earned $2.8 billion, or $8.42 per share, during the three months ending in June. That compared with net income of $2.5 billion, or $7.68 per share, last year.
The earnings would have been $10.12 per share, if not for Google's accounting costs for employee stock compensation and the Motorola deal. That figure was in line with the average estimate of $10.10 per share among analysts polled by FactSet.
Revenue climbed 35 percent from last year to $12.2 billion. If not for Motorola, revenue would have increased 21 percent. That would have been Google's slowest rate of revenue growth since the fourth quarter of 2009 when the company was just starting to recover from the Great Recession.
Google's revenue, excluding Motorola, stood at $8.36 billion after subtracting the ad commissions paid to is advertising partners. That was about $70 million below analyst projections.
The second-quarter numbers were propelled by technology changes that feature more advertising links when Google's search formula concludes a user's request is driven by a desire to buy a product, book a vacation or make some kind of other commercial transaction. As it gathers more data about users, Google also believes it can do a better job interpreting people's individual interests so it can tailor ads to suit their preference.
The improvements appeared to pay off in the latest quarter. The number of total clicks on Google's ads during the second quarter increased 42 percent from the same time last year.
That activity is crucial to Google because the company usually only gets paid when a Web surfer clicks on an advertising link.
The increasing volume in clicks helped Google shake off a deepening decline in its ad prices. The average price per click plunged 16 percent from last year. It marked the third consecutive quarter of year-over-year erosion in Google's ad prices. The previous decreases ranged from 8 percent to 12 percent.
This article is brought to you by BUY COMPUTERS.
Verizon's wireless glows, broadband hits wall
NEW YORK (AP) - Verizon Communications Inc., parent of the country's largest cellphone carrier, on Thursday said its net income rose 13 percent in the second quarter as its wireless arm pulled in record profits.
Verizon has one foot in the wireless world and one in the traditional, wired phone-company world. In the latter, results were notably weaker. Like other phone companies, Verizon is losing landlines, but has been compensating to some extent by signing up broadband customers. In the second quarter, that trend faltered, as it gained a net of just 2,000 broadband customers - the worst result in four years.
Chief Financial Officer Fran Shammo said the weak showing was in part due to Verizon ending the sale of DSL connections to people who don't have a landline phone account. The effort is part of an attempt to improve profitability. The wired-connection side of Verizon, which still employs nearly half of its workers, is running just above break-even.
Verizon has upgraded part of its phone network with optical fiber, a service it sells as 'FiOS.' In locales where it hasn't done that, it's losing out to cable companies, who can offer much higher speeds than Verizon can with DSL.
The poor showing comes after Verizon Wireless struck a deal to market cable broadband from Comcast and Time Warner Cable in its stores, a move consumer advocates see as a capitulation by Verizon that will leave many areas with just one viable choice for home broadband: cable.
Shammo said putting profits over growth also means raising FiOS prices, resulting in fewer new FiOS subscribers.
Overall, the New York-based phone company earned $1.83 billion, or 64 cents per share, in the April to June period, up from $1.61 billion, or 57 cents per share, a year ago.
The latest earnings match the average forecast of analysts polled by FactSet.
Revenue rose 3.7 percent to $28.5 billion, also in line with analysts' expectations.
The results come after Verizon shares hit a 10-year high of $46.41 on Wednesday. In pre-market trading Thursday, the shares retreated 72 cents, or 1.6 percent, to $45.17.
Verizon Wireless gained a net 1.2 million subscribers - a strong result in an industry where subscriber gains have tapered off now that nearly everyone has a cellphone. Of the new subscribers, 888,000 were on contract-based plans, which are the most lucrative.
Verizon Wireless has 94.2 million retail subscribers, making it the biggest wireless carrier in the nation. Arch-rival AT&T Inc. is set to report quarterly financial results on Tuesday.
The profit margin at Verizon Wireless was the highest ever, as average monthly fees for contract-signing subscribers rose 3.7 percent from last year, to $56.13. Verizon is benefiting from the growing popularity of smartphones, which come with data fees.
Three weeks ago, Verizon Wireless introduced the biggest-ever change to wireless price plans, ditching most of its plans in favor of one that allows people to share a data allowance over up to ten devices.
Shammo said customers have given the plan a positive reception, and it has even tempted subscribers who have stuck to their old 'unlimited data' plans to switch.
Consumer groups have said the plans amount to a price hike, but analysts believe it's a price cut, at least in the short term. On the conference call, the CFO said the new plan isn't expected to cut into service revenues this year.
Verizon Communications owns 55 percent of Verizon Wireless. The rest of the profits flow to partner Vodafone Group PLC of Britain.
This news article is brought to you by ECONOMY BLOG - where latest news are our top priority.
Verizon has one foot in the wireless world and one in the traditional, wired phone-company world. In the latter, results were notably weaker. Like other phone companies, Verizon is losing landlines, but has been compensating to some extent by signing up broadband customers. In the second quarter, that trend faltered, as it gained a net of just 2,000 broadband customers - the worst result in four years.
Chief Financial Officer Fran Shammo said the weak showing was in part due to Verizon ending the sale of DSL connections to people who don't have a landline phone account. The effort is part of an attempt to improve profitability. The wired-connection side of Verizon, which still employs nearly half of its workers, is running just above break-even.
Verizon has upgraded part of its phone network with optical fiber, a service it sells as 'FiOS.' In locales where it hasn't done that, it's losing out to cable companies, who can offer much higher speeds than Verizon can with DSL.
The poor showing comes after Verizon Wireless struck a deal to market cable broadband from Comcast and Time Warner Cable in its stores, a move consumer advocates see as a capitulation by Verizon that will leave many areas with just one viable choice for home broadband: cable.
Shammo said putting profits over growth also means raising FiOS prices, resulting in fewer new FiOS subscribers.
Overall, the New York-based phone company earned $1.83 billion, or 64 cents per share, in the April to June period, up from $1.61 billion, or 57 cents per share, a year ago.
The latest earnings match the average forecast of analysts polled by FactSet.
Revenue rose 3.7 percent to $28.5 billion, also in line with analysts' expectations.
The results come after Verizon shares hit a 10-year high of $46.41 on Wednesday. In pre-market trading Thursday, the shares retreated 72 cents, or 1.6 percent, to $45.17.
Verizon Wireless gained a net 1.2 million subscribers - a strong result in an industry where subscriber gains have tapered off now that nearly everyone has a cellphone. Of the new subscribers, 888,000 were on contract-based plans, which are the most lucrative.
Verizon Wireless has 94.2 million retail subscribers, making it the biggest wireless carrier in the nation. Arch-rival AT&T Inc. is set to report quarterly financial results on Tuesday.
The profit margin at Verizon Wireless was the highest ever, as average monthly fees for contract-signing subscribers rose 3.7 percent from last year, to $56.13. Verizon is benefiting from the growing popularity of smartphones, which come with data fees.
Three weeks ago, Verizon Wireless introduced the biggest-ever change to wireless price plans, ditching most of its plans in favor of one that allows people to share a data allowance over up to ten devices.
Shammo said customers have given the plan a positive reception, and it has even tempted subscribers who have stuck to their old 'unlimited data' plans to switch.
Consumer groups have said the plans amount to a price hike, but analysts believe it's a price cut, at least in the short term. On the conference call, the CFO said the new plan isn't expected to cut into service revenues this year.
Verizon Communications owns 55 percent of Verizon Wireless. The rest of the profits flow to partner Vodafone Group PLC of Britain.
This news article is brought to you by ECONOMY BLOG - where latest news are our top priority.
Verizon 2Q results rise, match Street view
NEW YORK (AP) - Phone company Verizon says its net income rose almost 13 percent in the second quarter as its wireless arm continued to pull in customers and higher fees.
Verizon Communications Inc. says it earned $1.83 billion, or 64 cents per share, in the April to June period. That's up from $1.61 billion, or 57 cents per share, a year ago.
The latest earnings match the average forecast of analysts polled by FactSet.
The New York-based company says revenue rose 3.7 percent to $28.5 billion, also in line with analysts' expectations.
This news article is brought to you by MUSIC UNITED 1 - where latest news are our top priority.
Verizon Communications Inc. says it earned $1.83 billion, or 64 cents per share, in the April to June period. That's up from $1.61 billion, or 57 cents per share, a year ago.
The latest earnings match the average forecast of analysts polled by FactSet.
The New York-based company says revenue rose 3.7 percent to $28.5 billion, also in line with analysts' expectations.
This news article is brought to you by MUSIC UNITED 1 - where latest news are our top priority.
China's online population rises to 538 million
BEIJING (AP) - China's population of Internet users, already the world's biggest, has risen to 538 million, driven by rapid growth in wireless Web surfing, an industry group said Thursday.
The latest figure represents an 11 percent increase from a year earlier, according to the report by the China Internet Network Information Center. The government sanctioned group said that raised the share of China's population that uses the Internet to 39.9 percent.
The number of people who go online from mobile phones and other wireless devices rose to 388 million, the group said. That was up 22 percent from a year earlier.
China's communist government encourages Internet use for business and education but tries to block access to material considered subversive or obscene. Authorities tightened controls after social networking and other websites played a key role in protests that brought down governments in Egypt and Tunisia.
The rise of Internet use and the explosive popularity of wireless access have driven the growth of a series of new Chinese industries from microblogs to online video.
This month, regulators tightened control over online video, telling providers they must prescreen all material before making it available. The government complained that some online video was vulgar, pornographic or too violent.
___
China Internet Network Information Center: www.cnnic.cn
This news article is brought to you by MOVIE GOSSIP NEWS - where latest news are our top priority.
The latest figure represents an 11 percent increase from a year earlier, according to the report by the China Internet Network Information Center. The government sanctioned group said that raised the share of China's population that uses the Internet to 39.9 percent.
The number of people who go online from mobile phones and other wireless devices rose to 388 million, the group said. That was up 22 percent from a year earlier.
China's communist government encourages Internet use for business and education but tries to block access to material considered subversive or obscene. Authorities tightened controls after social networking and other websites played a key role in protests that brought down governments in Egypt and Tunisia.
The rise of Internet use and the explosive popularity of wireless access have driven the growth of a series of new Chinese industries from microblogs to online video.
This month, regulators tightened control over online video, telling providers they must prescreen all material before making it available. The government complained that some online video was vulgar, pornographic or too violent.
___
China Internet Network Information Center: www.cnnic.cn
This news article is brought to you by MOVIE GOSSIP NEWS - where latest news are our top priority.
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