Friday, January 27, 2023

Facebook Rises as CEO Says He’s Addressing Phone Missteps

Bloomberg: On Tuesday, Facebook CEO Mark Zuckerberg gave his first interview since the company’s IPO in May, and it had an immediate impact on the company’s stock price. The company’s share price had fallen 49 percent since its debut; however, after Zuckerberg’s appearance at the TechCrunch Disrupt conference in San Francisco it climbed back up 8 percent to $20.99.

Zuckerberg told the conference audience, “Now we are a mobile company.” He added, “Over the next three to five years I think the biggest question that is on everyone’s minds, that will determine our performance over that period, is really how well we do with mobile.”

The CEO admitted that the stock price dropoff had dampened employee morale. “Sure, maybe some people will leave,” he said. “But I think it’s a great time for people to join and a great time for people to stay and double down.”

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