Here is our latest conversation …. new insights for anyone who invests in anything. This week we highlight a discussion about specific stocks to examine. What does the stress tests really mean? We answer listener questions regarding their stocks….
Starbucks (SBUX) a short? Also, what is up with Microsoft (MSFT)?
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Tags: DH-Unplugged, Markets
Dear John and Andrew.
Thanks for another interesting episode of DH Unplugged. Being an ex-Motricity employee I listened with great interest to your discussion of Motricity which went public recently.
Motricity received even more venture capital than you mentioned, in fact about 400 million which is more than any other company has ever received in North Carolina. Since they only raised 50 or so million in the IPO that can only be seen as a huge disappointment and maybe a last desperate attempt to get any return at all for the investors.
I worked at Motricity until shortly after the InfoSpace acquisition which Andrew talked about. That’s when they decided to move their headquarters from North Carolina to Bellevue, Washington. They acquired only the mobile division of InfoSpace, not their search engine. The mobile division sells ringtones, wallpapers, apps and games through the major carriers and also offers a portal which lets their subscribers look at news, weather, stock quotes etc. Motrcity already had similar products so essentially it was a merger between two competitors.
The company’s strategy was to grow as quickly as possible and become the market leader. With all that venture capital the company definitely grew fast but they spent too much money trying to grow big and found themselves in a segment of the market that was drying up, not growing.
I agree with your conclusion that Motricity is not a worthy investment, unfortunately. John’s assessment that they are playing into the dying part of the mobile market is spot on. In a world of iPhones and Androids there is no need for a company like Motricity and that’s where the mobile market is headed.
The Palm app store that Andrew talked about was actually sold off in 2008 so even if Palm does manage to survive that won’t even benefit the company.
John’s comment about the CEO is also spot on. Motricity’s CEO is known for his big ego and lavish lifestyle, not the frugal mentality that is necessary to make startup profitable.
Thanks again and keep up the good work.
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