Demand Media CEO Richard Rosenblatt spent years telling media outlets that his online content company was profitable. Then it filed for an IPO and revealed a long history of red ink.
Demand went public in January right after disclosing a net loss of $53 million in its previous fiscal year, on sales of $198 million. Investors shrugged off those losses: Demand's stock rose 33%. By the end of the first day of trading, the company was valued at $1.5 billion -- more than the New York Times.
Wall Street later cooled on Demand Media, and the company's shares have dropped 65% this year. But Demand's debut paved the way for a tech IPO resurgence, allowing a roster of companies with a shaky or nonexistent history of actually making money to make the leap onto the public markets.
We're looking at you, Groupon. -- Julianne Pepitone
It's been a hot and cold year for the stock market, but these Fortune 500 companies managed to float to the top.
