Pinterest, Zoom make impressive debuts on the public marketsPosted: Updated:
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Both Pinterest and Zoom made their debut on the public markets Thursday and immediately took off from their initial public offering (IPO) prices. Zoom ended the day with the largest first-day pop of any IPO so far in the year, according to Deal-Logic. It finished the day at 72 percent and closed with a value of $15.9 billion. Pinterest ended the day up more than 28 percent with a valuation of about $13 billion when stocks closed.
Netflix is expanding its business into New York. Gov. Cuomo said the streaming service will build a new production hub in Manhattan, which will create hundreds of high-paying jobs and bring up to $100 million in investments to the city. Earlier in the week, the streaming service added 9.6 million subscribers in its most recent quarter but issued weak guidance for the current quarter. Its total subscribers around the world is now estimated at 148 million.
Hulu has bought back AT&T's stake in its business valuing the streaming platform at $15 billion. Hulu was valued at just $9.3 billion in November. AT&T has now gained its $1.4 billion stake through its purchase of Time Warner. They will it will use that money from the sale to reduce its debt.
Microsoft is looking into compete with Air Pods. The company is looking to rival Apple with new in-ear headphones that are noise cancelling. This is Microsoft’s second attempt at headphones following the release of its over-the-ear product last year. Earlier this year, it was reported that Amazon is also developing headphones to compete with Air Pods. Microsoft's product could hit markets by the end of this year.
Amazon is planning to slow down its business in China. They are set to close its domestic marketplace in the country by the end of July. Customers will no longer be able to buy products from third-party Chinese merchants, but they will still be able to order overseas goods from online. The company has struggled to find a place in China's already-crowded market, which is dominated by sites like Alibaba and JD.com.