It is no secret that since going public and their IPO hit the streets the social network has taken a beating, the stock ticker symbol FB sat at $38.37, according to NASDAQ’s final stats, down from its $42 opening price and about even with its original offering price of $38. Less than six months later the is less than $20. Analysts and media have shared their thoughts about how the site has failed, and where the missed revenue opportunities are for Facebook. It has gotten so bad that people are now suggesting Mark Zuckerberg, Facebook’s CEO should step down and let someone else be the CEO. After his comments on stage at Disrupt in San Francisco things changed for the better. The market reacted in a very positive way yesterday as Facebook’s stock rose by 3.3% in after-hours trading.
So what exact did Mark Zuckerberg say to give the market a sense of hope?
- No phone – he said that it does not make sense for Facebook to create their own phone
- Instagram 100 users – the popular photo sharing site that Facebook acquired for $1 billion
- Betting on HTML 5 was mistake – Mark also admitted that using HTML 5 for their mobile app was a mistake, and they will release a native Android app shortly to match the iPhone app they have released
Of course that is good news for Facebook Canada’s Managing Director Jordan Banks (and team), a slight bump on the bank account is always something to be happy about.
Update: Now of course we do not know what Jordan said that day, this was purely speculation on the great turn around that Facebook is currently having.