Facebook founder Mark Zuckerberg has admitted he was disappointed by the company's stock since its public launch and regretted wasted two years the company spent on developing HTML5 code.
Zuckerberg took the stage at TechCrunch's Disrupt conference in San Francisco, giving his first public address since the company's floatation.
"Well, the performance of the stock has obviously been disappointing," Zuckerberg said.
Zuckerberg's words come as Facebook stock continues to plummet on Wall Street. Last week company shares hit a low of $17.73 a share, well short of the $34-a-share price the company opened up with last May.
During the presentation Zuckerberg admitted to not spending enough time working on mobile options for Facebook.
According to Zuckerberg, Facebook spent a lot of time working on HTML5 code instead of focusing on mobile app options. He admitted his biggest regret with Facebook had been the company's lack of work on native mobile apps.
"We burned two years not working on mobile," Zuckerberg said.
Despite the past mistakes Zuckerberg says things are changing at Facebook. During the presesntation he said his company has now made mobile a priority. A decision made evident by Facebook's recently updated iOS app.
"Now we are a mobile company and all the code is being written in mobile," said the Facebook founder.
The company won't go completely mobile, however, as Zuckerberg took time out of his presentation to dismiss Facebook phone rumours.
"Clearly, [a phone] is the wrong strategy for us," Zuckerberg said.
Zuckerberg has been shooting down the idea of a Facebook branded phone since 2010. Despite the executive's words rumours still persist that Facebook wants to build its own smartphone.
Acton's warnings come as Facebook is embroiled in one of the biggest data scandals in history
The unmanned tanks could eventually be kitted with AI systems
Dubbed I-MacEtch, it will help meet demand for more powerful nano-tech
GPU firm's research unit for self-driving cars is growing