As Facebook shares hit a record low this week, closing at $28.19 on May 30th from its May 18th market debut at $38.00, many are questioning the viability of the company’s success for the future.
The eight-year-old social network giant has grown its user base to nearly a billion “friends” worldwide, but can’t seem to find a way to leverage additional revenue from the mobile device market as Google and Apple have. At a rapidly increasing rate, Facebook users are accessing their profiles via smartphones instead of through their PCs and that mobile usage is not as profitable to the company. Rumors are rampant that Facebook is planning a large acquisition of Opera Software or Research In Motion to find a way into the mobile device moneymaker.
Adding to the general uneasiness was the decision this week by General Motors to discontinue the use of Facebook in their advertising efforts. GM decided to redirect its marketing dollars and is now the official automotive sponsor of the British soccer club Manchester United. Since 85% of Facebook’s revenue is derived from digital advertising, this was a sizeable blow.
Experts have determined that if this social media mogul can get more mobile advertising off the ground and perhaps regain a foothold in China, there may be hope for a recovery. Since 2009, Facebook and other foreign social media sites have been blocked from users in China by government censorship.
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