Showing posts with label Mark Zuckerberg. Show all posts
Showing posts with label Mark Zuckerberg. Show all posts

Facebook releases mobile camera app after IPO flop


SAN FRANCISCO — Facebook released a “camera” application Thursday that lets people take Instagram-style pictures that can be shared with iPhones.

The stand-alone application synchs to the leading social network, letting friends consult one another’s photos.

The new mobile app “makes using Facebook photos faster and easier,” according to product manager Dirk Stoop.

“You’ll see a feed of great photos from the people you care about,” Stoop said in a Facebook post. “You can swipe to see more of any album or tap to enlarge an individual photo.”

The mini-program also let people share many pictures simultaneously instead of having to post them one at a time to the social network, according to Stoop.

Facebook Camera was due to be available at Apple’s online App Store late Thursday.

The Menlo Park, California-based social network made a billion-dollar deal in April to buy the startup behind wildly popular smartphone photo sharing application Instagram.

The big ticket purchase was seen by some as a move by Facebook to strengthen defenses against Google and blazingly hot newcomer Pinterest.

“For years, we’ve focused on building the best experience for sharing photos with your friends and family,” Facebook co-founder Mark Zuckerberg said in announcing the deal.

“Now, we’ll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests.”

An Instagram application tuned to Apple’s iPhones, iPads and iPod Touch devices has been downloaded more than 30 million times since the first version was released in late 2010 by the San Francisco startup.

A version of the application tailored for smartphones powered by Google-backed Android software racked up more than a million users in the 24 hours after its recent release.

Word of Facebook Camera came in the aftermath of an initial public offering of stock that made insiders and investors rich but left small buyers of shares feeling abused.

Lack of a clear strategy for making money from users who connect to the social network using smartphones or tablet computers was considered to be among the reasons Facebook stock sank below its opening price of $38 per share.

Facebook stock reversed its losing trend on Thursday, inching up to $33.03 a share from $31.99 a day earlier after the close of trading on the Nasdaq exchange.

More than a half-dozen law firms specializing in investor complaints said this week that they were launching class action suits against the social networking giant and its underwriters.

The suits alleged that Facebook, along with Morgan Stanley, Goldman Sachs and other big Wall Street banks that distributed the shares withheld from smaller investors crucial forecasts that pointed to weaker growth for Facebook, while sharing the information with big institutional clients.

A separate lawsuit against the Nasdaq exchange said its massive technical problems on the first day of Facebook trade on Friday also resulted in losses to investors.

All told, the claims could come to billions: more than $15 billion have been wiped from the company’s value since the initial public offering gave it a market capitalization of $104 billion.

source: interaksyon.com

Apple's Wozniak warns Zuckerberg on dangers of going public

SYDNEY -- Apple co-founder Steve Wozniak has warned Mark Zuckerberg about the dangers of going public as Facebook counts down to its hotly anticipated share offering.

The world's leading social network is expected to start trading on the tech-heavy Nasdaq on Friday and has set a price range of $28 to $35 for its shares, which would value the firm at between $70 billion and $87.5 billion.

Apple went public in 1980 and Wozniak, who is in Australia, said being exposed to the demands of shareholders was a tough lesson.

"All of a sudden you have shareholders that are directing the company and demanding answers and getting upset if things aren't going as well as they hoped," he told the Australian Financial Review Tuesday.

"Once you go post-IPO, all of a sudden Mark Zuckerberg can be more at the mercy of the owners.

"That is something to worry about and something they have to watch out for, but I think he has got a strong enough focus to continue on as he has been going, and I really hope it goes well for them."

Facebook's debut on Wall Street will make 27-year-old chief executive Zuckerberg a multi-billionaire with firm control of the company.

After the initial public offering, he will own 57.3 percent of the Silicon Valley firm in a stake valued at more than $15 billion based on how shares are expected to perform.

But there are dissenting voices about the listing.

Some analysts fear Zuckerburg will have to focus more on the bottom line than his vision that has made the company so influential and Wozniak admitted some of his happiest times were before Apple went public.

He told the newspaper that back then he and Apple co-founder Steve Jobs made decisions based purely on the motivation of making the best possible product, rather than impressing stakeholders.

Nevertheless, Wozniak said he would love to own shares in Facebook.

"I admire Mark Zuckerberg so much," he said.

"I think he is still able to think like a young idealistic person and is making decisions about what he thinks is right and wrong.

"He is genuinely more focused on openness and what people are getting from using Facebook, than he is on the money.

"It is really obvious for someone like me to look and see that."

source: interaksyon.com