Confidence in Mark Zuckerberg's ability to navigate his social networking ship through rough financial waters is beginning to waver. Investors reacted negatively to Facebook's second quarter financial report, sending shares of the social network down almost 15 percent in after market trading, after it had already dipped 8 percent during regular trading hours on Thursday.
Shares of Zynga plummeted 40 percent to $3.03 in after market trading after the social game developer reported a net loss for its second quarter ended June 30, 2012. Zynga tried to put a positive spin on the fact that its Q2 revenue of $332 million represents a 19 percent year-over-year increase and that its six months year-to-date revenue of $653 million is a 25 percent year-over-year increase, but the numbers still added up to a $22.8 million net loss for the quarter, and a $108.1 million net loss for the six month period.
Could you imagine trying to pitch Chatroulette integration in Facebook to Mark Zuckerberg? It wouldn't fly, not when the billionaire 28-year-old is trying to open up access to his social playground for kids under the age of 13. But a clean version of Chatroulette? That's Airtime, a new live social video network put together by Napster founders Sean Parker and Shawn Fanning.
Facebook's ban on kids under the age of 13 is sort of like most DRM policies; all it does is keep some of the honest ones out. Nevertheless, whether for legal purposes or a sense of moral responsibility, Facebook as seen fit up to this point to disallow, at least officially, children who haven't hit their teen years from joining the most popular social networking site on the planet. That might soon change.
You can try and keep your Facebook page safe from prying would-be employers, but you can't protect yourself against your own stupidity. One Australian family learned that the late last week. A 17 year old girl was helping her grandmother count a large sum of cash and posted a picture of the riches on her Facebook profile under the appropriately-named title "Large sum of cash." Seven and a half hours later, two masked men broke into the girl's mother's house looking for the loot, sporting a knife and a wooden club.
This just in, Cookie Monster has left Sesame Street for Wall Street and purchased a majority share in Facebook. This would explain why the world's largest social networking site seemingly has its hand in every cookie jar it can find, including photography (Instagram buyout), Web browsing (possible Opera Software acquisition), and perhaps even smartphones, as Facebook reportedly mulls building its own branded handset. When asked to comment on Facebook's insatiable sweet tooth for side ventures, the majority shareholder responded, "Me like cookies!"
Fresh off Facebook's acquisition of Instagram for a whopping $1.17 billion and following a lackluster initial public offering punctuated by more fizzle than sizzle, Mark Zuckerberg and company are reportedly interested in scooping up Opera Software, the Norwegian outfit behind the semi-popular Opera browser, and the only browser maker that puts out entertaining press releases.
Facebook co-founder Mark Zuckerberg tied the knot over the weekend, marrying his sweetheart of more than 9 years, and hopefully his marriage doesn't sputter the way Facebook's initial public offering (IPO) has. On just its second day of trading, the world's largest social playground saw its shares dip below its IPO price of $38 on Monday, a bad sign for those who thought pouring a ton of money into Facebook at the outset would lead to easy riches.
Uncle Sam was all set to collect around $600 million from Brazilian Eduardo Saverin, the other co-founder of Facebook who will make another fortune off of the world's most popular social playground when it makes its initial public offering (IPO) on Friday. But rather than fork over all that money, Saverin decided to renounce his U.S. citizenship, a process he began back in September 2011.
Facebook's $1 billion adopted baby is growing up fast and may end up making the social networking site look like savvy parents with an real eye for potential rather than a silly entity that spent ten figures on a camera app with social features baked in. Before we get too far ahead of ourselves, however, let's look at what Instagram has done, starting with its fast growing userbase.