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Zuckerberg: "Killer stuff" in mobile on the way

Tuesday, Sep 11, 2012 - 03:01

Sept 11 - Facebook CEO Mark Zuckerberg says his team is working on ''killer stuff'' in mobile, and a search function on the social network, as he deflects criticism in his first public appearance since a botched IPO and subsequent 50-percent drop in share price. Conway G. Gittens reports.

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PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL It's Mark Zuckerberg's first public outing since a disastrous stock debut. Facebook shares have slid from the $38 IPO price to more than $19 a share, a whopping drop of about 50 percent. So in a bid to set the record straight, Zuckerberg admitted to some mistakes in the IPO process, but says because of those errors the company's strengths are being underestimated. SOUNDBITE: FACEBOOK CEO MARK ZUCKERBERG (ENGLISH) SAYING: "You know this is the first time I've really spoken since the IPO publicly and it's one of the main things that I think is misunderstood right now is how fundamentally good it is on a bunch of different levels. I mean the first, is there are more users obviously, the second is that per person who's using Facebook on mobile, there's more engagement and they're spending more time, and then the third is that per amount of time that people spend on mobile we think we're going to make a lot more money than we do on desktop too." His comments were heavy on where Facebook's been, but light on where it's going, says Boston University School of Management Professor Marshall Van Alstyne, who gave Zuckerberg's presentation a "B", "B+". SOUNDBITE: MARSHALL VAN ALSTYNE, PROFESSOR, BOSTON UNIVERSITY SCHOOL OF MANAGEMENT (ENGLISH) SAYING: "I didn't actually hear a great deal about the monetization strategies that they were going to use going forward. He said a lot that they were going to need to develop a platform, for example, but didn't necessarily enumerate what their platform strategies were. So I think he actually had a little more work to do in going forward on what the precise money might be." But Zuckerberg did hint at six key growth areas: At the top of the list - mobile ads and mobile in general. SOUNDBITE: MARK ZUCKERBERG, FOUNDER, FACEBOOK (ENGLISH) SAYING: "A lot of the development and the energy in the eco-system is not going towards building desktop stuff anymore, it's going towards building mobile stuff. We're able to integrate and we're helping a lot of folks build great mobile experiences - that's the future. We are going to be doing killer stuff there and so is everyone else and we want to help them do that." Instagram and games are an area of potential growth But even more importantly: Facebook apps for Apple and Android users are key, as well as making it easier for developers to make apps for Facebook. He ruled out a mobile phone. But spent a lot of time talking about search as way to engage the 950 million Facebook users. SOUNDBITE: MARK ZUCKERBERG, FOUNDER, FACEBOOK (ENGLISH) SAYING: "Facebook is pretty uniquely positioned to answer a lot of the questions that people have. What Sushi restaurants have my friends gone to in New York in the past six months and liked? What, which of my friends or friends of friends work at a company that I'm interested in working at because I want to talk to them about what it is going to be like to work there? These are queries that you can potentially do at Facebook if we built out this system that you just couldn't do anywhere else. And at some point, we'll do it." Zuckerberg seems to have won back some friends - shares popped immediately after his presentation. Conway Gittens, Reuters

Zuckerberg: "Killer stuff" in mobile on the way

Tuesday, Sep 11, 2012 - 03:01

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