Mark Zuckerberg Targets Facebook Mobile Growth

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Controversy over Mark Zuckerberg's hoodie abated Friday as he turned investors' attention to more important matters at a presentation in Palo Alto, Calif.

Chief among them? Improving Facebook's mobile application.

About 200 investors showed up at an IPO presentation to quiz Zuckerberg about generating revenue from mobile users, crucial for long-term fiscal growth.

Zuckerberg and Sheryl Sandberg, Facebook's COO, said overall advertising is gaining steam, with most marketers increasing their spending with Facebook.

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The executives, who appeared on stage alongside CFO David Ebersman, highlighted social ads as an important tool for Facebook to tackle mobile challenges.

The ads, incorporating information about Facebook users' friends who "like" certain products, are better-suited to the smaller screens of smartphones.

More than half of Facebook's users currently use it from phones.

As Facebook collects more information about its users, such as location data, Facebook will be able to offer more relevant mobile ads, executives said.

Facebook aims to raise about $10.6 billion via its initial public offering, dwarfing Google's recent IPO and giving it a market value around $96 billion.

The Facebook IPO marks a watershed moment for the new generation of startups that are challenging established players such as Google and Yahoo.

Consumers' online time - and advertising dollars - are very much the future. With 900 million users, Facebook is the world's dominant social network.

Zuckerberg, the 28-year-old CEO, was Time Magazine's Person of the Year in 2010 and was depicted in the fictionalized 2010 movie The Social Network.

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