May 8, 2004 edition, issue: 04-0262
Current circulation: 17,251
Editor: Serge Thibodeau

Hello again and welcome back! After the busy time we all had last week, this one was a bit quieter than the last one. This is not to say that nothing happened, on the contrary! Without further delay, here's what happened this week.

Monday started on a roar when it was learned that Google excluded Goldman Sachs from it's IPO. The reasons why Google did that is because GS's chairman and chief executive Henry Paulson had contacted one of the search engine's big investors, Kleiner Perkins. Google deemed this as breaking the rules and bumped them from contention.

Goldman Sachs was as a lead manager for Google's planned $2.7 billion initial public offering. Google asked investment banks pitching for the business, worth it said an estimated $100 million in fees, to come up with new ideas to conduct the underwriting rather than rely on old relationship banking habits.

In other news Monday, in it's IPO filing last week, Google reported revenue of $961 million in 2003--up 176 percent compared with the previous year--and $105 million in net income. Profit margins, excluding charges from interest, taxes, amortization and stock options, reached 64 percent, double Yahoo's for the same period, according to American Technology Research. However, Yahoo's 2003 margin did not include a full year of revenue from its Overture Services subsidiary. Nevertheless, all this surprised many analysts and proves that Google is growing even faster than it was anticipated.

Next: Goldman Sachs in the news again >>>

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