Facebook Inc (NASDAQ:FB)’s Dan Rose went on an interview on CNBC exactly a year ago and explained what the social networking giant, then just a few months fresh of its IPO, was planning for mobile, gaming and advertising. In this interview, the company’s vice president of partnerships foretold correctly that the social networking giant will become more of a mobile company.
The interview was just after Morgan Stanley (NYSE:MS) raised its price target on Facebook Inc (NASDAQ:FB) to $45 a share. Carl Quintanilla who interviewed Rose said before the start of the discussion that the company’s stock was trading steady at above $38, its IPO price. Today, the company is trading at above $73.
Quintanilla also said that some people are wondering whether the stock will go even higher by building new partnerships in the mobile gaming space.
In the interview, Dan Rose said that it is great news for them as well as investors that the stock price then was steady at above $38. Furthermore, he noted that they at Facebook Inc (NASDAQ:FB) have been focusing on executing their strategy within the past year leading up to the interview. He said the results can be seen, especially in their mobile revenue which grew from zero a year ago from the interview to 40% of their revenue in the then-latest quarterly performance report.
In the most recent quarter, the second quarter of the company’s 2014 fiscal year, Facebook Inc (NASDAQ:FB) reported blowout numbers which included revenue of $2.91 billion, up 61% year-over-year, and earnings per share of $0.42, a beat of $0.12 cents compared to consensus. More importantly, just as Rose said, the company is getting more of their revenue from mobile ads. Specifically, the social network reported that 62% of their ad revenue for Q2 2014 came from mobile.
The Facebook Inc (NASDAQ:FB) VP said then that over the last year, the company decided strategically that they needed to become a mobile company. Asked what caused a 76% spike in mobile revenue to $656 million, Rose said that mobile newsfeed ads work.
Rose also discussed in the year-ago interview some rumored products which the company was then reported to be preparing for release. The executive also talked to Quintanilla about Instagram, a then-recent acquisition for $1 billion. Also part of the discussion was whether competitors are catching up and besting the world’s largest social network in the teenagers demographic.
Watch Rose also discuss gaming in the interview below.