MENU

Zuckerberg: No Facebook phone on the way

In his first public interview since the bungled Facebook (Nasdaq: FB) IPO in May, Facebook founder and CEO Mark Zuckerberg admitted the stock’s performance has been “disappointing,” but emphasised the growing importance of mobile as a harbinger of better times ahead. The stock closed at US$19.43 on Tuesday, roughly half of its original US$38-per-share price tag.

Appearing in a T-shirt, jeans, and sneakers, Zuckerberg spent much of his interview — streamed live via the technology blog TechCrunch — fawning over the opportunities in mobile. When asked about the possibility of a Facebook phone, though, the 28-year-old billionaire said releasing a mobile device was “clearly the wrong strategy for us.”

Still, Zuckerberg went so far as to call Facebook a “mobile company,” saying “all the code that’s being written is for mobile,” and adding, with a hint of braggadocio, “You know the founder’s letter — the S-1? Yeah, I wrote that on my phone.”

Asked about whether rival Google’s (Nasdaq: GOOG) Google+ “(ticked) him off a little bit,” Zuckerberg equivocated, but did say that search was something Facebook was moving into. He mentioned Facebook does “a billion queries a day, and we’re basically not even trying,” though he admitted later in the interview he was being a bit facetious. “We have a team working on search,” he conceded.

All in all, Zuckerberg seemed very excited about Facebook’s ability to integrate with Apple’s (Nasdaq: AAPL) iOS and Google’s Android platforms, also expressing confidence in the photo-sharing company Instagram, which was acquired in a transaction approved by the FTC in August. “They just crossed 100 million registered users,” Zuckerberg said. “They’re killing it.”

The founder’s appearance seems to have calmed investors somewhat — the stock rose more than 3% after hours. When asked about the stock’s plunge since May, Zuckerberg even encouraged those currently with the company to “stay and double down.”

If you’re in the market for some high yielding ASX shares, look no further than our “Secure Your Future with 3 Rock-Solid Dividend Stocks” report. In this free report, we’ve put together our best ideas for investors who are looking for solid companies with high dividends and good growth potential. Click here now to find out the names of our three favourite income ideas. But hurry – the report is free for only a limited time.

 More reading

The Motley Fools purpose is to help the world invest, better. Take Stock is The Motley Fool’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it’s still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

A version of this article, written by John Divine, originally appeared on fool.com

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.