A graphic included in Facebook's S-1 (click to enlarge)

The most highly anticipated initial public offering in today’s tech world is officially happening. Facebook filed S-1 documents with the Securities and Exchange Commission Wednesday afternoon to raise a maximum of $5 billion.

The company plans to trade under the ticker symbol “FB.” According to the filing, Morgan Stanley, JP Morgan and Goldman Sachs are the lead bookrunners on the IPO; Bank of America Merrill Lynch, Barclay’s Capital, and Allen & Company are also listed as underwriters.

Here are some of the key numbers revealed in the filing:

• Facebook made $3.7 billion in revenue in 2011, an 88 percent boost in year-over-year revenue compared to 2010, when the company made $1.97 billion in revenue.

• The company has been solidly profitable for at least three years — its net income for 2011 was a very cool $1 billion.

• Facebook has been saving up a nice bit of the cash it’s made: The company had $3.9 billion in cash and equivalents on its books as of the end of the 2011 calendar year.

• Facebook now has 845 million monthly active users and 483 million daily active users.

• Co-founder and CEO Mark Zuckerberg’s base salary was $500,000 in 2011; COO Sheryl Sandberg’s was $300,000.

• Zynga accounted for 12 percent of Facebook’s total revenues in 2011.

According to a letter written by Zuckerberg included in the S-1 filing, the money Facebook gets from an IPO will help it take advantage of the gold rush around increased worldwide connectivity to the Internet and the mobile devices boom.  The letter reads in part:

“Today, our society has reached another tipping point. We live at a moment when the majority of people in the world have access to the internet or mobile phones — the raw tools necessary to start sharing what they’re thinking, feeling and doing with whomever they want. Facebook aspires to build the services that give people the power to share and help them once again transform many of our core institutions and industries.

There is a huge need and a huge opportunity to get everyone in the world connected, to give everyone a voice and to help transform society for the future. The scale of the technology and infrastructure that must be built is unprecedented, and we believe this is the most important problem we can focus on.”

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Apple has been taking preparatory steps in advance of a launch with China Telecom, China’s third largest mobile network operator. Earlier in January, Apple secured regulatory approval to sell a device in China that operates using the CDMA2000 network standard, which is the technology China Telecom uses for its 3G network. At the time, the only step remaining for Apple was to get a license from China’s Telecommunications Equipment and Certification Center to begin selling the device, which it gained on Monday this week.

Earlier this week, Morgan Stanley’s Katy Huberty predicted Apple could grow its iPhone sales by as many as 57 million units in China over the next two years if it succeeds in securing partnerships with China Telecom and China Mobile. China Telecom will offer Apple a potential subscriber pool of roughly 15 million high-end subscribers according to Morgan Stanley’s numbers, approximately doubling its current reach through official partner China Unicom.

The deal hasn’t yet been confirmed by Beijing Telecom’s parent company beyond the report from China Daily, and no pricing details have been released, but the pieces are in place, and there’s little reason to suspect Apple wouldn’t want to expand its presence in China as quickly as possible. No doubt a partnership with China Mobile, which reaches 650 million subscribers and has around a 70-percent share of the Chinese mobile market, is also a priority, but technological factors likely precludes official iPhone support until Apple creates a version specifically for China Mobile’s network.

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Huberty bases her math on a potential market of 150 million total high-end mobile subscribers in China across all three carriers, who would potentially opt for Apple’s device. Currently, 20 percent of China Unicom  (Apple’s official Chinese carrier) subscribers opt for the iPhone, so assuming similar adoption rates once iPhones make it to the other two carriers, Huberty expects at least 24 million new iPhone sales in 2013.

There’s good reason to believe Apple is working to bring the iPhone to China’s other carriers. The company’s been securing regulatory approval and licenses for a launch on China Telecom, which would be able to run the iPhone 4S. And China Mobile has been having discussions with Apple regarding 4G technology, which it said in September have been “positive” so far.

Should Apple manage to get the iPhone on both networks officially, Huberty thinks the iPhone could reach higher penetration levels across all carriers, possibly on par with AT&T, where last quarter, the iPhone accounted for over 80 percent of new smartphone sales. According to Huberty’s most generous estimates, Apple could be selling 57 million more iPhones annually than it currently does in the Chinese market.

It might sound pretty far-fetched, but China Mobile already has at least 10 million iPhone users, despite the fact that those users are limited to 2G speeds. And Apple sold more than 37 million iPhones during its last quarter alone, compared to 68.5 million during all of its 2011 fiscal year. Similarly explosive growth in a market known to be hungry for Apple devices is hardly an outlandish proposition.

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In 1991, Walmart reported revenue of ~$44B, an increase of 35% over the prior year. In 2011, we estimate Amazon.com will report revenue of $49B, an increase of 43% over the prior year. Amazon.com is the Walmart of our era but it’s better, in our view – Amazon.com is the combination of a technology + logistics company, allowing it to participate in a transition of physical to digital retail supported by a store-less (in Seattle) business model that leads to higher long-term economic returns. (Morgan Stanley Research)

You can’t get more succinct than that. One can quibble about its price-to-earnings ratio or an 8 percent decline in earnings during the most recent quarter, the fact remains that Amazon is fast becoming a part of our lives. The company reported sales of $9.9 billion and net income of $191 million for the second quarter of 2011.

Of course there is one more thing Amazon and WalMart share in common – their vendors love to hate them. Or hate to love them. Or both.

Also, we are spending more with Amazon, as pointed out by Ben Schachter of Macquarie Securities.

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A day after Netflix announced its second-quarter earnings, here’s a roundup of reactions from Wall Street analysts covering the stock.

Goldman Sachs expects churn to increase from 4.1 percent in the second quarter to 5.7 percent in the third quarter, driven largely by the price increase to DVD-and-streaming subscribers. But that’s expected to drop back down to usual levels in the fourth quarter. But the higher churn is offset by higher average revenue per user (ARPU), it reports:

“Domestic ARPU declined 7% yoy due to a mix shift towards streaming-only customers at $8/month. While we expect 3Q2011 ARPU to decline 1.5% qoq from 2Q’s $11.49, we believe that ARPU could increase almost 10% qoq to at least $12.33 in 4Q, which will be the first full quarter of the recently announced pricing increase.”

Morgan Stanley believes that Netflix is in the midst of cyclical growing pains, not a long-term deterioration in its growth story. It also still thinks Netflix has the best price-to-value proposition around. That said, the firm recognizes that the “bull case” buoying the Netflix stock isn’t playing out as well as some have expected in some key growth areas:

Social media integration, which served as a share price catalyst in recent months, is not yet allowed in Netflix’s largest market. Canada continues to trend toward the mid-point of management’s expectations, a negative in our view given that some investors were using Canada as a primary driver for ‘country by country’ penetration models. We continue to appreciate the company’s long-term competitive position and would become more constructive on a risk-reward basis if weakness persists.

While the price hike will have a larger effect on subscriber additions than Wall Street might have expected, J.P. Morgan agrees that it doesn’t change Netflix’s long-term story or value proposition. Furthermore, it sees some benefit to Netflix separating its streaming and DVD business operations:

“[A]fter 3 quarters of strong streaming only growth it became clear that this business could stand alone and that incremental profit from higher DVD pricing could be used to increase the quality and volume of streaming content overall. At the same time, the DVD business may now be better managed for longterm performance and profitability. While DVDs overall are becoming less of a differentiator for Netflix’s service, the company still expects 60% of 3Q11 ending domestic subscribers to use DVDs.”

Despite Netflix’s growing pains domestically, UBS Investment Research notes that there’s opportunity for growth internationally. While Netflix’s success in Canada gives it some confidence with an ambitious launch in 43 Latin America countries, it could face some challenges in the region:

Adoption into the region is expected to be slower on a per-capita and per-broadband basis, due to lower penetration of video game consoles and payment methods. In Latin America, Netflix will likely not benefit from the brand ‘halo effect’ as it did in Canada.

Among other things, Citi notes that DVD shipments have likely peaked. But for Netflix, that’s actually a good thing. Fewer DVD shipments lowers costs in that business, which translates to improved fundamentals and more money that can be spent on streaming content acquisition.

We estimate NFLX spent about $500MM to $600MM in postage costs in 2010. At about $0.88 per DVD shipment, this translates to about 625MM shipments per year. Thus, for every 1MM reduction in DVD shipments, Netflix could save $880K in postage costs. In addition, variable costs associated with fulfillment center staff could also become a source of savings (or funds) for Netflix.

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Solazyme’s shares will start trading on the Nasdaq today under the symbol SZYM, and we’ll see how well the stock does on its debut. Next-gen biofuel IPOs from Amyris and Gevo fared well on the public markets when they debuted last year.

Solazyme engineers efficient algal strains and grows its designer algae in fermentation tanks without sunlight by feeding it sugar. Then, using existing industrial equipment, it extracts the oil. Solazyme is a leader in the algae fuel space, but competes with Sapphire Energy, Craig Venter’s Synthetic Genomics, and a handful of other companies looking to scale up algae oil production.

While Solazyme isn’t currently selling its algae in large volumes as fuel, it is currently selling algae-based specialty biochemicals, cosmetics and food supplements. For example, Solazyme struck a deal with Dow Chemical to make an algae-based fluid for transformers.

Solazyme has raised at least $125 million throughout its eight years of existence, from investors including Chevron’s VC arm, Morgan Stanley , Richard Branson, and food and personal product giant Unilever . Unilever wants to use algae to replace palm oil, because the harvesting of palm oil has led to deforestation in Indonesia and Malaysia and has drawn the criticism of environmentalists.

But ultimately, Solazyme wants to scale up algae oil production to tackle the biofuel market. Solazyme is looking to commercialize its fuel technology in the 2013 time frame, with a production cost target of $60 to $80 per barrel. To get there, it will have to build a commercial-scale algae plant, which can cost over $100 million (one reason it needs cash from an IPO).

Solazyme updated its financials in its latest S-1, and for the first three months of 2011, ending March 31, reported $7.74 million in revenues. That’s slightly up from revenues of $5.76 million for thee first three months of 2010. At the same time, over the first three months of 2011, Solazyme lost $7.29 million, an increase from a net loss of $3.95 million for the period in 2010. For the full year of 2010, Solazyme lost $16.28 million on revenues of $37.97 million.

There is a total of 10.98 million shares of Solazyme common stock being offered, with Solazyme selling 10.38 million shares and 600,000 shares coming from selling stockholders. Solazyme is also offering the underwriters a 30-day option to purchase another 1.65 million shares.

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It turns out, no, the company isn’t going for an E round. It has, however, raised around $26 million on top of the $150 million it announced in May this year, said Keely Wachs, a spokesman for BrightSource Energy Monday. BrightSource set out to raise $215.5 million in equity and options and has raised about $176 million so far, according to its filing with the U.S. Securities and Exchange Commission. Its new investors include the Russian government. “We are well capitalized, and we are focused on getting our project permitted and financed,” Wachs said.

Raising the D round is crucial for the company to build its first commercial operation, the 392-megawatt Ivanpah Solar Electric Generating System that received the approval of the California Energy Commission last week. The project is set to rise from leased federal land in the Mojave desert. The federal Bureau of Land Management plans to give its final go-ahead next month. BrightSource plans to start construction of Ivanpah by the end of this year, and it expects to complete it in 2013.

The fact that BrightSource can attract more private equity isn’t surprising given that the Ivanpah project was on a list of solar projects to get a fast-track review by federal and state regulators. The company started raising the D round in February this year, around the same time when the Department of Energy announced a $1.37 billion loan guarantee for BrightSource to do the Ivanpah project. The loan guarantee will translate into a loan from the U.S. Treasury’s Federal Financing Bank.

The loan guarantee program can provide up to 80 percent of a project’s cost, but BrightSource hasn’t revealed whether the $1.37 billion loan will make up that much of the price tag. It’s certain, however, that the company needs to raise private capital to complete the Ivanpah project. It also will need a whole lot more money to fulfill the rest of its commitment to deliver 2.6 gigawatts total to the Pacific Gas and Electric and Southern California Edison (Ivanpah is part of this commitment).

That brings us to the question of whether BrightSource will raise more money by going to the public market. There’s been a lot of talks about an IPO for BrightSource, which hasn’t confirmed publicly such a plan. But two people close to the company did tell Dow Jones VentureWire that BrightSource has hired Morgan Stanley and Goldman Sachs to prepare for an IPO that is likely to take place next year.

BrightSource has some time to mold its IPO plan. It has raised enough money to at least get started on Ivanpah. It could even wait until 2012, when it’s expected to start generating revenue from the completed, first phase of the Ivanpah project, according to Next Up Research. A company that can produce revenue and then profit will make a more attractive IPO, though doing so hasn’t been a requisite for cleantech companies. Some of the recent successful IPOs came from companies that have posted heavy losses and needed federal financial aid, including Tesla Motors and A123Systems.

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Neither Branson nor Unilever disclosed the amounts of their investments, but Solazyme said the financings were part of the Series D round announced last month. Solazyme said in August that it had raised $52 million for the Series D round, but reportedly the amount has been bumped up to $60 million since then.

British entrepreneur Branson, best known for his Virgin brand that’s spawned everything from planes to cell phones, personally invested in Solazyme for this round, while his venture firm Virgin Green Fund has backed other biofuel companies like Gevo. Branson said in a statement that he was “excited about Solazyme’s potential to make oils for fuels, chemicals and foods at scale.”

Unilever, which makes food and personal care products that can use algae oil, already had an R&D partnership with Solazyme, and has tested the algae oils in its products. The Wall Street Journal reported yesterday that Unilever wants to use algae to replace palm oil, because the harvesting of palm oil has led to deforestation in Indonesia and Malaysia and has drawn the criticism of environmentalists.

The first applications for Solzayme’s algae oil will be food and products like lotions. When I visited Solazyme’s headquarters last year, I drank some of the company’s prototype algae milk (like soy or rice milk), and checked out some of their oils and lotions under development in their labs (see image to the left). In that sense, Unilever will be a very important partner.

Ultimately, the company wants to scale up algae oil production to tackle the biofuel market: hence why a company like Chevron is interested. The company is looking to commercialize its technology in the 2012-2013 time frame, with a production cost target of $60 to $80 per barrel. To get there, it will have to build a commercial-scale algae plant, which can cost over $100 million.

Unlike some algae fuel companies that grow algae in open ponds, Solazyme engineers efficient algal strains and grows its designer algae in fermentation tanks without sunlight by feeding it sugar, then using existing industrial equipment to extract the oil. Solazyme is a leader in the algae fuel space, but competes with Sapphire Energy, Craig Venter’s Synthetic Genomics, Aurora Biofuels and a handful of other companies that are looking to scale up algae oil production. The market could even be getting too heated; earlier this year, a company called PetroAlgae, which grows algae, filed an S-1 announcing its plans to go public.

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Cleantech Financing Trends: 2010 & Beyond

While the deep-pocketed Nissan has been ramping up an all-out marketing bonanza around its LEAF (see the latest commercial here), which will be the first mass-produced all-electric car on the market, Coda — a venture-backed three-year-old startup — will be raising funds and also kicking its marketing and outreach into high gear over the next three months. Coda and Nissan have vastly different origins and some different intentions, but it’s easy to start making comparisons between their inaugural cars, given they are the first two all-electric mainstream-targeted cars on the market.

LEAF vs Coda Sedan

Czinger says Coda plans to sell 14,000 of its electric Sedans — 7,000 to consumers and 7,000 to fleets — between December 2010 and the end of 2011, and the company is only focusing on the California market for those initial cars. Coda plans to sell the sedan in the low- to mid-$30,000 range with federal and state incentives, and Czinger says Coda will announce final pricing on the car over the next few weeks. The Coda Sedan will likely be priced a tad higher than the Nissan LEAF, which has a price tag of $32,780 before incentives, but Czinger emphasized to me that he didn’t think the initial group of buyers for all-electric mainstream cars will be super price-sensitive.

Nissan — Japan’s third largest automaker — has been targeting sales of 6,000 units for the LEAF in Japan and aiming to bring in 25,000 reservations for the model in the U.S. before it launches in select markets, including Arizona, California, Washington and Tennessee. Nissan has also said it has an output capacity of 10,000 units for the business year ending in March 2011, but there’ve been reports that only 3,300 Nissan LEAFs will be delivered in the U.S. by March 2011.

While the Coda Sedan will probably cost several thousand dollars more than the LEAF when final pricing is announced, Czinger says that the range, the reliability of the range, and the thermal management system of the battery for the Coda Sedan are superior to the LEAF. The Coda Sedan can deliver between 90 to 100 miles range according to the US06 driving test, which has an average 48 miles-per-hour driving speed, says Czinger. In comparison, the LEAF is touting a 100 mile range based on the LA4 driving test, which Cziger says “is not a realistic test for the consumer.” Under the LA4 test, the Coda Sedan gets 120 to 130 mile range, says Czinger: “So apples to apples, we probably have under most conditions 40 percent more range than a Nissan LEAF.”

Czinger says the range of the Coda Sedan holds up to that 90 to 100 mile range despite extreme hot and cold weather because of its high-volume, air-cooled, battery thermal management system. In comparison, Czinger says the LEAF can get as low as a 40 mile range in extreme hot and cold weather because of its lack of a sufficient active thermal management system for the battery pack. Czinger says:

I think our range is the minimum real usable range that you’d want in an initial all-electric car if you’re going to meet consumer needs. If you don’t have an active thermal management system to provide that range dependably, I think you’re going to have consumers that are unhappy.

Tesla Motors CEO Elon Musk has expressed a similar sentiment about the LEAF battery pack thermal management system, and said on his company’s earnings call earlier this year that the LEAF has a “much more primitive level of technology” compared with the sophistication of even Tesla’s first prototype. As a result, Musk said the LEAF pack will have temperatures “all over the place,” causing it to suffer “huge degradation” in cold environments and basically “shut off” in hot environments.

Coda’s sedan also has a 34 kwh battery, while the Nissan LEAF has a 24 kwh battery. Czinger notes that means Coda’s sedan has 40 percent plus more available energy than the LEAF.

Coda Road Map

Coda is betting that consumers and fleet owners will recognize what it says is a superior technology as having an edge in the market. The company has spent three years developing the battery, the battery management system and the chassis (frame) of the car around an electric vehicle. Other car companies are leaning more heavily on traditional internal combustion-based cars for the chassis for their EVs. Coda has often been described as a spin-out from Miles Electric, and while Coda was born out of the Miles team, Czinger describes Coda’s emergence as coming out of a stealth project that had been incubating within Miles for years.

The company’s other bet is on China; Czinger said he’s taken 31 round trips to China over the last three years. To get the cost of the battery cells down considerably — to enable it to sell an EV in the mainstream price range — Coda has created a joint venture with China battery maker Lishen, called Lio (oil spelled backward). Coda and Lishen agreed to invest $100 million in their venture, and said they’ve received a commitment for a $327 million line of credit from the Bank of Tianjin Joint-Stock Co. Czinger says that Lio owns the intellectual property for the battery cell production, but that Coda has retained all rights to the advanced thermal dynamics and battery management system.

Coda has also been amassing hundreds of millions of dollars in funding. Czinger tells me that on top of the $125 million in funding that Coda has already raised — including backers like Aeris Capital and Singapore-based EDB Investments — it’s in the process of raising another $125 million in financing with participation from Morgan Stanley. Overall, with its various funding commitments, Coda will have raised in the range of $600 million said Czinger.

Coda also submitted an application for low-interest federal loans from the Department of Energy’s Advanced Technology Vehicles Manufacturing program (headed up by Jonathan Silver, who we interviewed for this Q&A) earlier this year to help it build lithium-ion batteries for electric vehicles in Ohio. Electric vehicle startup competitors Tesla and Fisker already received DOE commitments for loans. Czinger told us during the interview that Coda had just gotten word from the DOE that its loan application had advanced to the next level.

With its funding commitments, its Chinese battery partner and its close-to-production-ready vehicles coming soon, Coda is following in Tesla’s foot steps as a startup that will actually be putting a considerable volume of electric vehicles on roads. Coda will likely be the first startup to sell a mainstream — $35,000 to $45,000 — all-electric vehicle. Tesla is still two to three years away from that point.

If Coda can deliver on its promises over the next four months, get ready to hear a lot more about this up-and-comer. Down the road in 2013, Coda is targeting a cheaper, roomier, all-electric 5-passenger sedan that it says will be one-third of the weight.

We’ll bring you our latest Green Overdrive video episode of the Coda Sedan on Wednesday of this week, so stay tuned!

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Mary Meeker of Morgan Stanley isn’t just any Internet analyst. She was covering the sector when the brokerage firm was the lead underwriter for Netscape Communications’ initial public offering in 1995, was dubbed the “Queen of the Net” by Barron’s magazine in 1998 and was covering the space in 2004, when Morgan Stanley helped launch the Google IPO. Now a managing director at Morgan Stanley and head of the global technology research team, she has released her latest massively detailed “State of the Internet” report, which she has been putting out periodically since 1995. She presented the report during an event this afternoon at Google, which was streamed live as part of the Events@Google series (the presentation is embedded below).

And what does Meeker see in her crystal ball this year? Two overwhelming trends that will affect consumers, the hardware/infrastructure industry and the commercial potential of the web: mobile and social networking. Such a conclusion is hardly earth-shattering news to GigaOM readers, for we have been following these trends over the past year or two, but Meeker puts some pretty large numbers next to those trends, and looks at the shifts that will (or are likely to) take place in related industries such as communications hardware. She also compares where the rest of the developed world is in terms of mobile communications and social networking with Japan. Again, not a radically different approach to the one many tech forecasters take, but Meeker has the weight of some considerable research chops on her side.

The Morgan Stanley analyst says that the world is currently in the midst of the fifth major technology cycle of the past half a century. The previous four were the mainframe era of the 1950s and 60s, the mini-computer era of the 1970s and the desktop Internet era of the 80s. The current cycle is the era of the mobile Internet, she says — predicting that within the next five years “more users will connect to the Internet over mobile devices than desktop PCs.” As she puts it on one of the slides in the report: “Rapid Ramp of Mobile Internet Usage Will be a Boon to Consumers and Some Companies Will Likely Win Big (Potentially Very Big) While Many Will Wonder What Just Happened.”

Meeker says that mobile Internet usage is ramping up substantially faster than desktop Internet usage did, a view she and her team arrived at by comparing the adoption rates of iPhone/iPod touch to that of AOL and Netscape in the early 1990s. According to Meeker, adoption of the Apple devices is taking place more than 11 times faster that of AOL, and several times as fast as that of Netscape. Helping to drive this is 3G technology, which Morgan Stanley says recently hit an “inflection point” by being available to more than 20 percent of the world’s cellular users (although penetration is only 7 percent in Central/South America and 13 percent in Asia/Pacific — excluding Japan, where it’s 96 percent).

But that mobile boom will take its toll on carriers, Meeker says, because mobile Internet use is all about data. The average cell-phone usage pattern is 70 percent voice, while the average iPhone is 45 percent voice. At NTT DoCoMo, data usage accounts for 90 percent of network traffic. The analyst says her team expects mobile data traffic to increase by almost 4,000 percent by 2014, for a cumulative annual growth rate of more than 100 percent. Such numbers will likely strike fear into the hearts of carriers, but joy into the hearts of equipment suppliers and mobile service companies.

One of the implications of mobile access is a growth in ecommerce, says Meeker, featuring things such as location-based services, time-based offers, mobile coupons, push notifications, etc. In China, the success of social network Tencent proves that virtual goods can be a big business, she says — virtual goods sales accounted for $2.2 billion worth of the company’s revenue in 2009 and $24 in annual revenue per user. Online commerce and paid services made up 32 percent of mobile revenue in Japan in 2008, up from just 14 percent in 2000. Meeker’s report suggests that the rest of the world — which is still below the 14 percent-mark — could see much the same trajectory over the next 10 years.

Meeker says that users are more willing to pay for content on mobile devices than they are on desktops for a number of reasons, including:

* Easy-to-Use/Secure Payment Systems — embedded systems like carrier billing and iTunes allow real-time payment

* Small Price Tags -– most content and subscriptions carry sub-$5 price tags

* Walled Gardens Reduce Piracy -– content exists in proprietary environments, difficult to get pirated content onto mobile devices

* Established Store Fronts -– carrier decks and iTunes store allow easy discovery and purchase

* Personalization -– more important on mobiles than desktops

On the social networking side, Meeker’s report notes that social network use is bigger than email in terms of both aggregate numbers of users and time spent, and is still growing rapidly. Social networking passed email in terms of time spent in 2007, hitting about 100 billion minutes/month globally — it’s now twice that — and passed email in terms of raw user numbers in July of 2009, with more than 800 million. Given the rate at which Facebook has been growing, that number is probably now closer to a billion. Meeker attributes social networking’s success to the fact that it’s a “unified communications + multimedia creation tool/repository in your pocket.” And Japan’s experience makes how crucial mobile is to that equation: Mixi, one of the country’s largest social networks, has seen its mobile page views grow to 72 percent of the total from just 17 percent three years ago.

Mary Meeker’s presentation:

Post and thumbnail photos courtesy Flickr user Shapeshift.