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Summary:

There are very few analysts who make the tech industry stop and listen. Mary Meeker is one of those analysts, and on Wednesday she delivered one of her trademark presentations touching on the global economy, the mobile opportunity, and Facebook’s unprecedented IPO.

Mary Meeker D10

Mary Meeker Kleiner Perkins Caufield & Byers

There are very few analysts who make the tech industry stop and listen when they are given a microphone. Mary Meeker, formerly of Morgan Stanley and now with Kleiner Perkins, is one of those analysts, and on Wednesday she delivered one of her trademark presentations at D: All Things Digital touching on the global economy, the mobile opportunity, and Facebook’s unprecedented IPO.

Her 112 slides–which she somehow ran through in like 10 minutes–are embedded below, but here are a few highlights.

  • Everybody knows China’s Internet usage is growing like crazy and that India is close on its heels, but the rest of the top five fastest growing countries are maybe a bit more surprising, Meeker said: Indonesia, Philippines, and Nigeria.
  • There are a billion people using 3G mobile wireless connections, but that represents just 18 percent of all mobile users.
  • Mobile growth has been strong, and much headroom remains, but people are still having trouble figuring out how to make money on mobile: eCPMs (a key advertising metric) are five times lower on mobile than on the desktop Internet, and the average revenue per subscriber on mobile services compared to desktop is just as bad in some cases.
  • No “bubbles” were discussed, but Meeker did note that Kleiner didn’t invest a penny in private companies during the last quarter: they felt the prices were too high. As private valuations rise while public valuations of companies like Facebook and Zynga fall, there’s obviously potential for private investors to lose money.
  • Meeker called Facebook’s IPO “a financial share tsunami,” noting that the sheer volume of Facebook shares traded on its first day exceeded the average daily volume of the entire New York Stock Exchange. She declined to criticize those involved, but said that if Facebook had conducted an auction instead of a more traditional IPO, its IPO price would have likely been a lot higher due to that demand.
Updated at 4:30 p.m. to clarify Meeker’s comments on Facebook’s IPO strategy.

KPCB Internet Trends 2012

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  1. “There are a billion people using 3G mobile wireless connections, but that represents just 18 percent of all mobile users.” i.e. there are 5.5 billion mobile users. Assuming each person has 1.2 mobile devices on average, this comes down to 4.6 billion people using mobiles in a world that has a population of 6.8 billion i.e. 67% of the wold population uses mobile devices. I suspect this number is highly inflated.

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