*By Michael Teich*
PopSockets, the company behind the massively successful grips attached to the back of mobile phones, is eyeing a potential initial public offering, CEO and Founder David Barnett told Cheddar Thursday.
"We are considering an IPO. We're considering all options," Barnett said in an interview.
PopSockets, founded in 2014, has already sold more than 100 million units since its inception in 2014, and has been profitable since its second year. The company pulled in more than $90 million in profits last year, and expects a similar results this year.
"The projection this year is roughly the same ーprobably a little less because we are investing heavily in international growth and the infrastructure."
"The net profit is around 45 percent, gross margin is in the high 60s."
Colorado-based PopSockets manufactures mostly in China, but Barnett doesn't expect trade tensions between China and the U.S. to slow it down. Barnett said any increased costs related to tariffs will be absorbed by the company, and not passed on to consumers.
"On the lower priced items, the vent mount, it's only a $15 item, we will absorb the cost and just make less margin. On the more expensive products, we're moving production to Mexico," said Barnett.
"We are looking at Mexico for an electronic device that we are making to avoid a tariff that is coming from China."
Barnett tells Cheddar the electronic device, which is still in development, will be "a wireless charger, but it has some interesting features."
For full interview [click here](https://cheddar.com/videos/popsockets-considering-an-ipo-says-ceo).
About 780,000 pressure washers sold at retailers like Home Depot are being recalled across the U.S. and Canada, due to a projectile hazard that has resulted in fractures and other injuries among some consumers.
Europeans upset with Elon Musk still aren’t buying his electric cars, adding to a long losing streak for his company.
President Donald Trump has fired one of two Democratic members of the U.S. Surface Transportation Board to break a 2-2 tie ahead of the board considering the largest railroad merger ever proposed.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
Nvidia reported a 56% increase in second-quarter revenue and a 59% rise in net income compared to a year ago.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Netflix CEO Ted Sarandos claims audiences don't want to watch Netflix movies in theaters, but that seems not to be the case recently.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
