Facebook made its debut on Wall Street last Friday after a much-talked about initial public offering build-up. However, the lackluster trader response has raised questions about the social media’s profitability as an investment.
While Facebook recorded slight gains, other social media sites were dragged down. For instance, Zynga—the gaming site—saw its stock plummet by around 13 percent.
Experts say that traders were a bit surprised with the low-growth numbers that Facebook showed. However, Facebook reps say that the company is confident about the move and will continue to pursue growth on Wall Street.
Shortly after the market closed, the social media site made its first acquisition as a publicly traded company by purchasing Karma Science, a mobile gift-giving service.
Experts predict that the acquisition will be the first of many as Facebook tries to integrate more services to improve its user experience and raise its stock value.