A key headwind for the company’s stock price is the concern among investors about its lagging mobile revenue growth.
In a recent interview with CNBC,CFO David Ebersman stressed that the company’s mobile revenue was still in the “early days.”
“As that mobility starts to look stronger, we really believe that the competitive advantages for Facebook are going to start to make people be a lot more optimistic in that story,” he said.
Many companies have been “hammered” by their inability to monetize mobile, Summer said. Still, he thinks Facebook will be able to rise above the challenge, along with a couple other names like Google and Apple, that will go on to become giants in mobility. (Read More: Apple Leads Amazon in Mobile Commerce Race.)
“Clearly, we believe Goole is,” he said about the list of future giants in mobility. “Clearly, we believe Apple is. But we actually believe Facebook has some very strong competitive advantages there.”
Given Facebook’s growth prospects, Summer sees its revenue tripling over the next four years, and said he thinks the company warrants “reasonably rich” multiples on its stock.
— By CNBC.com’s Katie Little; Follow Her on Twitter @katie_little.
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