Wednesday, September 12, 2012

Zuckerberg Says Facebook Inc (NASDAQ:FB) is now a Mission

Facebook Inc (NASDAQ:FB) founder, Mark Zuckerberg's first public interaction after his company's IPO in May, was candid and straightforward. He gave straight answers to difficult questions without being evasive.

Zuckerberg answered questions at a conference in San Francisco organised by TechCrunch.

He admitted openly that the company's stock performance was disappointing. The share prices have reduced to less than half their value of $38 at the time of its market debut.

He averred that they did care about shareholders and remained committed to making the world more open and connected.

"We are going to do things to build value over the long term." He also admitted to a specific question that the massive selling in its stock was not helping employee morale but that so long as the company was doing what it believed in, they would be motivated.

“I think it’s a great time for people to join. And I think it’s a great time to double down”.

With respect to the negative feedback that the company has been receiving over the past several weeks he said, "The folks at Facebook are used to the press saying good things about us and bad things about us. We have a good compass."

The company is slowly building up its search capabilities, where Google is the undisputed leader.

Zuckerberg revealed that the company received more than 1 billion search queries a day. He said that he was intrigued with what the company could do with search. His opinion was that unlike other search engines, because of the massive personal data collected by the company it was in a position to offer more personalised search results.

“At some point we’ll do it. We have a team working on it.”

To a pointed query as to whether he was having fun, he was quickly to reply in the affirmative but qualified that by saying that it wasn't about fun any longer.

“Yeah, but it really isn’t about fun anymore; it’s about mission.”

A mission to make the world more connected.

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