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Facebook CEO appearance reassures investors, boosts stock

updated 11:56 pm EDT, Wed September 12, 2012

Focus on HTML5 decried, Facebook phone shot down

After weeks of Facebook's stock price taking a beating on Wall Street, CEO Mark Zuckerberg's first public appearance since the initial public offering boosted the stock 11 percent in two days, adding $4 billion in market capitalization. Zuckerberg's remarks at the TechCrunch conference offered investors some assurances that his company is committed to increasing revenue from mobile advertising, as well as raising the possibility of Facebook developing its own search engine.

Zuckerberg said Tuesday that initial reports he has been given from Facebook's initial efforts to sell mobile advertising had been promising. He emphasized that the company understands the implications of a failure to develop the mobile sector, as research demonstrates that more people have turned to smartphones and tablets to access Facebook than computers.

HTML5 as the primary center of Facebook mobile development, instead of focusing on native applications and other mobile technologies, was called a mistake by Zuckerberg. While on the topic of mobile, the CEO dismissed outright the rumors of a Facebook-branded phone, saying a mobile phone was "so clearly the wrong strategy for us."

Richard Greenfield, a financial analyst at BTIG noted that during the conference "Zuckerberg appeared calm, cool and collected, especially when we think back just a couple years to his 2010 interview when he was sweating through his hoodie."

by MacNN Staff



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