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Most of the worries related to Facebook’s (NASDAQ:FB) profitable future and, consequently, its stock price have been associated with the social network’s perceived troubles in making a seamless switch to mobile devices. Now Mark Zuckerberg has admitted the challenge is real.
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Zuckerberg said his hardest job right now was to figure out how to adapt the world’s largest social network to these devices. User experiences are completely different on desktop computers and on smartphones and tablets, making it hard to translate all of Facebook’s (NASDAQ:FB) features. However, Zuckerberg added that brainstorming new ideas involved something he was familiar with. “Things are not much different,” Zuckerberg told Bloomberg in an interview from the Allen & Co. media conference in Sun Valley, Idaho. “I’m focused on building product.”
Facebook (NASDAQ:FB) has been under pressure to get more advertising revenue from its mobile service in order to maintain growth. Analysts and financial firm executives have said since the company’s May 18 IPO that the social network was struggling to find continuous streams of revenue on the rapidly growing platform. Facebook’s stock fell almost 20 percent in the days after the IPO before eventually recovering. Many believe that the social network has failed in matching its product availability with users’ pace in moving toward handheld devices.
The company is now hard at work developing new strategies, including location-based features that let marketers target users with more relevant ads.
Zuckerberg was joined at the event by other technology and media executives, including Apple (NASDAQ:AAPL) CEO Tim Cook, Washington Post Company (NYSE:WPO) chief Don Graham, and venture capitalist and Facebook board member Marc Andreessen.
Facebook (NASDAQ:FB) closed Friday lower 9 cents at $30.72 per share.
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