The long awaited IPO from Google finally became a reality today, the company hopes to raise as much as $2.7 billion on an unusual public offering where the number of shares that will be offered nor the range in price for those shares has been disclosed.
[COLOR=#1951B9]In an unusual provision for a technology company, Google will create two classes of shares with different voting rights, a move that aims to guarantee that founders Larry Page and Sergey Brin will maintain decision-making authority. Such structures have proven beneficial in media companies, such as The New York Times, the filing states.[/COLOR]
With the filing however, Google was on the obligation to release its financial results for the first time. The company generated $961.9 million in revenue in fiscal 2003 with a net profit of $105.6 million.