financials

Facebook finally files for IPO

The wait is over. Last night Facebook filed its much-anticipated S-1 paving the way for an IPO which could happen in as little as a few weeks.

The company, which was founded in a Harvard dorm room in 2004, is looking to raise $5bn – though there is still the possibility that it could raise as much as $10bn if it sees strong demand.

Spotify: growth and scale don’t necessarily produce profit

Spotify is one of the most popular streaming music services in the world, and since its July debut in the U.S. and the recent launch of a deep Facebook integration , it has gained 250,000 U.S. subscribers, bringing the company’s worldwide paid subscriber total to “well north” of 2m.

But it’s not all good news for the Swedish-based company: while revenue grew from just over £11m in 2009 to just over £63m in 2010, during the same period Spotify’s after-tax loss jumped grew by nearly £10m to £26m.