Facebook tops 1 billion users; CEO Zuckerberg admits company in a 'rough cycle'
NEW YORK, N.Y. - Facebook has now topped 1 billion users, but the past few months have not been easy.
CEO Mark Zuckerberg said Thursday that the company is going through a bit of a "rough cycle" after its rocky initial public offering in May.
Zuckerberg also updated his Facebook status to announce that the social networking site has more than 1 billion active users each month.
The company has had a difficult time. There were trading glitches the day it went public and concerns about its revenue potential. It's also facing lawsuits from disgruntled shareholders.
Zuckerberg said in an NBC interview that "we're in a tough cycle now and that doesn't help morale, but people are focused on what they're building."
The 28-year-old executive also continued to reassure that he is the right person to lead Facebook. Some on Wall Street have questioned whether he has the ability to lead a large public company.
"I take this responsibility very seriously," he said.
Last month, Zuckerberg gave his first interview since Facebook's shaky IPO, and he's been trying to boost confidence among investors and the public.
Zuckerberg said Thursday that Facebook's future is about mobile. The company has been criticized for not capitalizing on mobile quickly enough.
Facebook Inc.'s stock gained 45 cents, or 2.1 per cent, to $22.28 in premarket trading. The shares closed at $21.83 on Wednesday, off 43 per cent from its $38 IPO price.