Facebook's Zuckerberg says mobile first priority

Reuters News
Posted: May 11, 2012 4:34 PM
Facebook's Zuckerberg says mobile first priority

By Alistair Barr

PALO ALTO, California (Reuters) - Facebook Inc CEO Mark Zuckerberg on Friday laid out his 2012 goals to investors on the Silicon Valley leg of his IPO roadshow, saying his first priority was improving the social network's mobile application.

About 200 investors showed up to an IPO presentation in Palo Alto, California, where they were given the opportunity to quiz Zuckerberg and his lieutenants. Wall Street had been concerned about the company's ability to wring revenue from mobile users, considered crucial for long-term growth.

Facebook aims to raise about $10.6 billion via its initial public offering, dwarfing the coming-out parties of tech companies like Google Inc and granting it a market value of up to $96 billion - rivaling Amazon.com Inc's. On Thursday, a source close to the process told Reuters its IPO was already oversubscribed, a week before final pricing.

(Reporting by Alistair Barr and Alexei Oreskovic, Writing by Edwin Chan; Editing by Richard Chang)