After shares rose 15% on Wednesday, October 30, Facebook stocks lost steam following the social networking company’s admission that teenagers are losing interest in the site. Facebook chief financial officer David Ebersman was reported by CNN as saying during the company’s third-quarter earnings conference call with analysts, “We did see a decrease in [teenage] daily users [during the quarter], especially younger teens.” He added however that usage among overall American teens was “stable.” The New York Times reported that outlook is better when it comes to mobile devices as users migrate to them. Facebook’s mobile ad market is growing quickly, as market projections say it will account for 15.8% of worldwide mobile ad spending in 2013, up 5.35% compared to 2012.
Read the full story on CNN.
Read a related story in the New York Times.
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