Facebook CEO Mark Zuckerberg tried to tackle concerns about its stock head-on at the first annual shareholder meeting Tuesday, but investors pressed for answers about why the price is still down a year after the company went public.
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"The answer is we understand that a lot of people are disappointed with the performance of the stock, and we really are, too," Zuckerberg said in his opening remarks before taking questions.
But, he added, the last year has been an "exciting and challenging" period during Facebook's transition from a desktop-first to a mobile-first company.
The stock, priced at $38 when the company went public in May 2012, hit $17 a few months ago and was trading at about $24 in afternoon trading Friday. Facebook can't control the stock price but is focused on developing the best products to create more shareholder value, Zuckerberg said.
The strategy can be broken down into three main parts, according to the CEO.
One, Facebook is concentrating on building great mobile apps and experiences. Two, it is working to ensure that its platform is integrated into as many experiences and apps as possible. And three, the company aims to drive revenue that will continue to fuel innovation.
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