Wall Street is reacting positively this morning to comments made by Facebook CEO Mark Zuckerberg yesterday as he tried to rally investors upset over the stock's recent nosedive.
As of morning trading, the stock has risen almost 6 percent, hovering at around $20.50. That's little more than a $1 dollar gain from yesterday. But it's still a hopeful and welcome change from the recent performance, which saw the stock drop below $18 a share last month from its initial IPO price of $38. The shares also were already up more than 3 percent yesterday in after-hours trading.
Interviewed at the TechCrunch Disrupt conference in San Francisco yesterday, Zuckerberg offered a mea culpa, acknowledging that the performance of Facebook stock has been disappointing.
But he pointed to mobile as the answer, saying that more people are spending more time with Facebook on mobile devices.
Ironically, mobile is one of the areas where Facebook has received criticism for its inability to profit from the market.
And though Zuckerberg admitted that the company had made "a number of missteps" with its mobile browser, he said that Facebook is working to improve user engagement with its mobile app.