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Facebook CEO relishes new challenge

Facebook CEO Mark Zuckerberg hasn't enjoyed watching his company's stock price plunge this summer, but he is relishing the opportunity to prove his critics on Wall Street wrong.
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Facebook chief executive Mark Zuckerberg speaks at TechCrunch Disrupt in San Francisco.

Facebook CEO Mark Zuckerberg hasn't enjoyed watching his company's stock price plunge this summer, but he is relishing the opportunity to prove his critics on Wall Street wrong.

"I would rather be in a cycle where people underestimate us," Zuckerberg said Tuesday. "I think it gives us the latitude to go out and make some big bets."

Zuckerberg, 28, spoke to a standing-room-only audience at a tech conference in San Francisco in his first interview since Facebook's rocky initial public offering in May. The social networking leader's stock has lost nearly half its value since the IPO, lopping more than $50 billion from Facebook's market value.

Zuckerberg said the drop "has obviously been disappointing," but he said it's a great time to "double down" on the company's future.

"Facebook has not been an uncontroversial company," Zuckerberg said. "It's not like this is the first up and down we have ever had."

Among other things, Facebook has repeatedly faced criticism and user rebellion over its policies and practices affecting data privacy.

Wearing a grey T-shirt, jeans and sneakers, Zuckerberg appeared in a halfhour "fireside chat" in San Francisco at the TechCrunch Disrupt conference organized by technology blog TechCrunch.

After he began speaking, Facebook's stock increased 65 cents, 3.4 per cent, hitting $20.08 in after-hours trading. That's on top of a 3.3 per cent gain during Tuesday's regular session.

"We have a pretty good compass," Zuckerberg said. "I always like to think that when folks are being too nice, we aren't as good as they say they are. And when the media is being too critical, we are not as bad as they say we are."

Investors have been concerned about Facebook's ability to keep growing revenue, especially as more people use it from mobile devices, where there is less room to show ads.

Zuckerberg said it was "really easy for folks to underestimate how really fundamentally good mobile is for us."

He made it clear that Facebook wants to make money and will do that by figuring out mobile. Although Zuckerberg has long talked about the company's mission to make the world more open and connected, he acknowledged, "we can't just focus on that."

Zuckerberg had spoken during Facebook's first earnings conference call as a public company in late July, but has been largely out of the spotlight since. In a recent regulatory filing, Facebook said Zuckerberg does not plan to sell any shares in the company for at least the next 12 months.