Facebook’s Mark Zuckerberg admits disappointment in shares but hints at new products
Facebook Inc. chief executive Mark Zuckerberg admits to being disappointed about his company’s crumbling share price, but argued that Wall Street did not yet grasp the full long-term potential of its slow-growing mobile business.
In his first major public appearance since the No. 1 social network’s rocky May IPO, Facebook Inc. CEO Mark Zuckerberg soothed investors by hinting at new growth areas from mobile to search.
The chief executive, who has himself lost billions of dollars on paper since Facebook’s market debut, admitted to disappointment about his company’s crumbling share price, but argued Wall Street has yet to grasp the full potential of its fledgling mobile business.
Speaking at theTechCrunch Disrupt conference in San Francisco, the 28-year-old co-founder looked confident in a gray T-shirt and jeans as he hinted that the company was “halfway through” a cycle to “retool” and offer new advertising products.
His delivery helped drive Facebook shares up more than 3 percent after hours to above $20, building on a 3.3 percent gain in regular trade on Tuesday.
Facebook became the first U.S. company to debut on stock markets with a value of more than $100 billion. But it has since lost more than half of its capitalization as investors fret about slowing growth.
Source: www.telegraph.co.uk
