Facebook boss describes stock performance as disappointing

Published:  12 Sep at 10 AM

Facebook founder and chief executive Mark Zuckerberg has admitted that the dramatic drop in the share value of the world’s largest social networking site is disappointing. Since being floated in May this year at $38 per share, Facebook’s stock value has nearly halved.

Mr Zuckerberg was addressing a TechCrunch Disrupt conference when he said that the biggest challenge for Facebook now is how it will adapt to mobile devices. However, he was positive that the site will soon be making more money on handhelds than it does on user’s desktops.

He explained that ads on mobile phones had to be more integrated than they are on computers. He compared the mobile platform to television and said that ads could not simply be displayed to the side of the page. Mr Zucherberg went on to say that the interactivity needed with mobile users could eventually make them more valuable to the firm than computer users.

The Facebook boss also used the conference to deny rumours that the company is in the process of developing its own phone. He explained that introducing a new phone onto the market might attract between 10 and 12 million users, which is just a drop in the ocean for a site which already boasts nearly a billion members around the globe.

Talking about the current pessimism surrounding Facebook, Mr Zuckerberg said he would far rather be underestimated as it gives him the leeway to make some adventurous bets.