Facebook celebrated its one-year anniversary of public debut last month. On its heels, the company brought together a shareholders meeting to discuss its performance and future prospects. Not unexpectedly, the meeting was a rather tough ride for Mark Zuckerberg and other Facebook executives.
Facebook may still carry a rather precious value in the stock market, but the problem with the company is that it debuted with a little too high valuation. Within days of having gone public, the valuation came down to rather practical numbers, deflating the hopes and monies of many investors.
It was clearly understood that many investors were fairly angry with Facebook and Zuckerberg. And hence Zuckerberg was quick to note, “We understand that a lot of people are disappointed in the performance of the stock, and we really are, too.” But that couldn’t pacify the attendance. Rather the investors were relentless in lambasting the company for poor performance in terms of the value of its shares. The company was also grilled over privacy concerns cited by the investors, given the recent PRISM scandal. To that, Zuckerberg responded saying, “No agency has any direct access to our servers. We basically give the minimum amount of information that we need to comply with the law.”
Another major topic that was discussed was the rise of Google Plus‘ popularity and the cropping up of numerous other social networks, directly affecting Facebook’s prospects. Zuckerberg tried to assure the investors that his company hopes for good growth in the coming days but the fact remains that when it comes to mobile platforms, Google seems to be doing far better than Facebook.
Courtesy: USA Today
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