‘How Facebook beat its rivals to win social media’ – ‘Mashable’
Seth Fiegerman says, “By the time Facebook went public on May 18, 2012, the company had more than 900 million monthly active users, topped more than $1 billion in annual profits and even had an Oscar-winning film with Justin Timberlake cementing its place in popular culture.
But Wall Street, largely unimpressed with former members of NSync, was still wary of the social media giant’s ability to keep it going.
Portfolio managers were “comparing it to MySpace and they were just worried,” recalls Arvind Bhatia, an analyst who covers many of the big public Internet companies for Sterne Agee.
Today, according to Bhatia, the conversation among investors couldn’t be more different. “It’s completely the opposite of what it was: every portfolio you talk to says, ‘Yeah, I get it. Facebook has to be a core holding.'”
On the third anniversary of a $16 billion IPO that many labeled as “disastrous” or worse, Facebook now consistently impresses investors with strong revenue growth“.
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