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Newsletter Issue #683: The Mapgate Report: The Worst Tech Failure of 2012?
Posted By Gene Steinberg On December 31, 2012 @ 12:00 AM In News | No Comments
The other day, I looked over some of the “worst of” compilations for the tech industry in 2012. Certainly the Facebook IPO got high billing. This is particularly true for investors who bought the stock at its original price of $38 per share; it was $25.91 as of the close of the trading session on December 28.
But flawed IPOs are nothing new. I remember the IPO for Vonage, the Internet phone company, some years back, where the stock price quickly dropped big time. There were even suggestions over the years that Vonage was going out of business, but it’s still here. If you have confidence in the future of Vonage Holdings, you’ll find the $2.30 price, as of December 28, to be quite a bargain. Well, at least the company is making a profit.
Certainly, very few complain about Apple’s profits, although the stock price has been down in the dumps lately. But a key reason for that may just be Mapgate, perceived to be one of the biggest, if not the biggest, tech industry misfire for 2012. The emotions are high, but it does appear that the facts are getting lost as so many look to the arrival of Google Maps for iOS as navigation salvation.
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