Zuckerberg admits Facebook wasted years

Mark Zuckerberg, Facebook chief executive, admitted the social networking company had “burned two years” betting on the wrong mobile technology, in his first public comments since the company’s poor stock market debut in May.

Mr Zuckerberg emphasised that the company was now integrating mobile into every aspect of its business and had made several internal changes to product development to keep it in focus. He said these were based on data and his own intuition.

“We are a mobile company now.”