Though earnings from some tech vendors brightened up a week of tepid market reports, shares of IT companies broadly declined Friday along with the rest of the market.
While mobile payments transform financial life in many less developed countries, retailers and payment providers in the U.S. and Europe are still trying to find the right incentives to drive adoption.
Groupon has acquired MashLogic, a company based in California that makes a simple tool called Britely to capture and collate bits of information from web pages.
China's group buying market continues to shrink, with the number of players in operation declining by close to 1,000 sites over the past year.
Zynga's Mark Pincus made the annual "Worst CEOs" list compiled by Dartmouth College professor Sydney Finkelstein, which also nearly included Mark Zuckerberg of Facebook and Andrew Mason of Groupon.
Zynga's initial public offering Friday, a raft of acquisition announcements this week from IBM, Salesforce and others, and some upbeat reports on the chip and hardware sector are putting a positive spin on year-end news for the tech sector.
Yelp, a local business reviews site, filed Thursday with the U.S. Securities and Exchange Commission for an initial public offering (IPO) of up to US$100 million.
Nearly all of China's over 5,000 group buying sites will eventually go under as tough competition and diminishing cash reserves force them to fold, according to the CEOs of two leading group buying sites in the country.
Groupon's China venture posted a net loss of US$46.4 million for the past nine months, generating only $2.1 million in revenue as it fights to gain dominance in the country's highly competitive group buying market.
Less than a year after it acquired popular Indian shopping deals site SoSasta.com, Groupon is changing the name of the site to Crazeal.com, and plans to focus on deals from premium merchants in each category.
Groupon's COO has quit after just five months and decided to return to her former employer, Google, Groupon said on Friday.
Groupon's problems in China, including a recent round of staff layoffs, have come as no surprise to analysts, who hold that the company rushed its plans in the country and relied too much on foreign expertise.
The user database of Groupon's Indian subsidiary, SoSasta, was published on the Internet and indexed by Google, according to an Australian security consultant.
Under pressure from entrenched local competition, Groupon, a late comer, is lagging in the Chinese group buying market. A focus on hiring local managers, and possible acquisitions, could however see its fortunes pick up, analysts said.
Though signs for IT remain positive this year, worries about the economy sapped investor confidence this week as a wide range of businesses, including big computer industry vendors, suffered a drop in share value.
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