Facebook tops billion users but CEO admits 'rough cycle'
on 04/10/2012 13:51:44
CEO Mark Zuckerberg said today the company is going through a bit of a "rough cycle" after its rocky initial public offering in May.
Mr Zuckerberg also updated his Facebook status to announce that the social networking site has more than one billion active users each month.
The company has had a difficult time. There were trading glitches the day it went public and concerns about its revenue potential. It is also facing lawsuits from disgruntled shareholders.
Mr Zuckerberg said in an NBC interview that "we're in a tough cycle now and that doesn't help morale, but people are focused on what they're building".
The 28-year-old also continued to insist that he is the right person to lead Facebook. Some on Wall Street have questioned whether he has the ability to lead a large public company.
"I take this responsibility very seriously," he said.
Last month, Mr Zuckerberg gave his first interview since Facebook's shaky IPO, and he has been trying to boost confidence among investors and the public.
He said today that Facebook's future is about mobile. The company has been criticised for not capitalising on mobile quickly enough.
Facebook Inc's stock gained 45 cents, or 2.1%, to 22.28 dollars in pre-market trading. The shares closed at 21.83 dollars yesterday, off 43% from its 38 dollars IPO price.