Facebook pushing back IPO, report says
By Hayley Tsukayama,
Facebook’s market debut has been expected to be in mid- to late May, but a report from CNBC indicates that the process could take a little longer than analysts expected.
The report, citing unnamed “people familiar with the matter,” pinpoints June as the new expected time range for the IPO and says Facebook founder and chief executive Mark Zuckerberg has been so busy with business and acquisitions that the company hasn’t had time to put the final touches on its prep for going public.
Facebook declined to comment on the report.
Zuckerberg has been credited with pulling off Facebook’s recent acquisition of Instagram almost single-handedly. According to a report from the Wall Street Journal, the chief executive essentially told the board about the acquisition after working all the deals with Instagram.
The new acquisition is expected to help Facebook as it courts investors, since it shows the company is serious about its mobile platform, which now has 500 million users. With the addition of Instagram, that number would jump by just over 30 million. Reports Wednesday from Digitimes that Facebook is working with HTC on another Facebook-centric phone indicate that the company continues to consider its mobile options. The Verge’s Vlad Savov concludes, however, that it’s more likely for Facebook to act as a platform in the new phone rather than designing the phone’s software from scratch.