Business, Economics and Jobs

Facebook CEO Mark Zuckerberg says he's disappointed by share price slump


Facebook CEO Mark Zuckerberg announces Timeline during the Facebook f8 conference on September 22, 2011, in San Francisco, California.


Justin Sullivan

Facebook chief executive Mark Zuckerberg admitted the social networking giant’s share price performance had been “disappointing,” in his first interview since the botched initial public offering in May.

But rather than dwell on the company's past failures, Zuckerberg told a standing room-only audience at a tech conference in San Francisco today that it was a great time to “double down” on the company’s future, the Associated Press reported.

That future, Zuckerberg said, was mobile devices.

According to CNET, Facebook expects to eventually make more money from advertisements on mobile devices, such as smartphones and tablet computers, than desktops.

“Six months ago, we didn’t run a single ad on mobile,” said Zuckerberg, wearing his trademark grey T-shirt.

 “We think we’ll be making a lot more money on mobile than we do on desktop.”

Wall Street liked what it heard, according to MarketWatch.

Facebook shares, which have fallen nearly 50 percent from the $38 IPO price, rose about three percent in after hours trading to slightly above $20.

CNET said Zuckerberg talked “fast and confidently” during the onstage interview at the TechCrunch Disrupt conference.

“Facebook has not been an uncontroversial company,” Zuckerberg said.

“It’s not like this is the first up and down we have ever had.”

More from GlobalPost: Florence Detlor: Facebook reveals its oldest user at 101


#next_pages_container { width: 5px; hight: 5px; position: absolute; top: -100px; left: -100px; z-index: 2147483647 !important; }

#next_pages_container { width: 5px; hight: 5px; position: absolute; top: -100px; left: -100px; z-index: 2147483647 !important; }