RANCHO PALOS VERDES, Calif. May 28 Technology
companies are far from approaching frothy levels of 1999 and
2000 when measured by a few key metrics, said Kleiner Perkins
Caufield & Byers partner and noted Internet analyst Mary Meeker
at the Recode conference on Wednesday.
"Technology company valuation excess?" Meeker asked in one
of the slides in her closely-watched annual report on the state
of the Internet.
"Some? Yes..." she continued. "But, Let's Look @ Patterns."
Meeker did not refer to specific companies in her
presentation. But her slides showed that global initial public
offerings of technology companies totaled 41 last year. That
compares with 310 in 1999 and 221 in 2000, the year the last
Internet bubble burst.
By dollar volume, last year's IPOs totaled $8 billion,
compared to $31 billion each in 1999 and 2000.
Meeker has been considered one of the leading analytical
voices on the tech industry since her time as a Morgan Stanley
analyst, when she became known for bullish calls during the
first dotcom boom. She joined Kleiner Perkins in 2011 and her
annual state-of-the-industry reports remain closely followed in
and around Silicon Valley.
On Wednesday, she argued that private companies, when
measured by venture capital spending, also look less inflated
compared to 1999 and 2000 markets.
Last year, U.S. technology venture capital spending totaled
$24 billion, versus $101 billion in 2000, she said. Some 2,746
U.S. technology companies received venture funding, compared to
5,476 in 2000.
Many venture capitalists and others have complained of
inflated private-company valuations as some start-ups raise
hundreds of millions of dollars. For example, reports emerged
last week that Uber, an app-based transportation service, is
raising $500 million at a valuation of more than $12 billion.
As evidence of disruptive and successful products, Meeker
also discussed messaging services that have amassed more than a
billion users in aggregate over five years, among them WhatsApp,
acquired by Facebook earlier this year for $19 billion,
and Snapchat. She also cited the cryptocurrency Bitcoin, which
she said has more than 5 million "wallets."
In her presentation, Meeker also reviewed themes she has
highlighted in the past, including the remarkable growth of
mobile technology and the Chinese economy, and the ceding of
power from traditional personal computing companies to phone and
(Reporting by Sarah McBride and Alexei Oreskovic; Editing by