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The Global Phenomena That Is Facebook Advertising
Charles Schulze
Florida International University
Executive MBA Program
Course: Global Financial Strategy
Professor: Krishnan Dandapani
Facebook ….The Global Phenomena 1
Tables of Contents
Introduction 3
What is Facebook? 4
Popularity 5
Not Just a People Connect Media 7
Advertising Specificity – Targeting Your Customers 8
Cost to Advertise vs Traditional Media Outlets 9
S.W.O.T. Analysis 10
Financial Data 14
Mergers & Acquisitions 17
Conclusion 18
Bibliography 19
Appendix A 22
Facebook ….The Global Phenomena 2
INTRODUCTION
Business survives by customers to buy their products or services; one does not need a
business degree for that information. In order to succeed and grow, business owners and
managers must tell their customers about their products or services, this is done through
advertising. Marketing staffs throughout the world struggle each day to maximize corporate
advertising dollars. Which media to covet; which demographic to target; which advertising
agency to use; all major questions that if answered incorrectly could destroy a business. But
what if a company came along and said, “We can hit millions of your selected demographic, with
a page you design and we won’t charge you until you know exactly how many we have
reached.” “What would this be worth to you Mr. or Ms. Business Owner?” It is true and very
lucrative for businesses who advertise on Facebook. This global phenomenon is taking business
by storm and is winning in every way. We will see why this advertising media is so strong. We
will attempt to explain the theories behind their success and why their success just may be
around a long time.
Facebook ….The Global Phenomena 3
WHAT IS FACEBOOK
Through a tumultuous start, Mark Zuckerberg, then a 19 year old Harvard Sophomore,
had a vision of a social media site where people could have a site to interact. Users could vote
on different topics, post comments and find friends who may not be members. At this time the
site was called Facemash. The tumultuous start for Mark was that his site was very similar to the
one that some Harvard Seniors had created. In fact Mark was accused of hacking into their
Harvard Connection site for personal information that aided in starting his version.1 On January
11, 2004 Mark Zuckerberg registered the domain name THEFACEBOOK.COM. The early
versions of Facebook were a direct chat feature where a person can chat with people on their
friends list. People could choose who their friends were and not select anyone they wished not to
have. Users could build their own profiles with photos and the like. It was a few months later in
September of 2004 when “The Wall” made its debut.2 This was a place where members could
post anything on their mind and anyone who was a member could see the post and respond to it.
Data from: Karocreations.com retrieved from - http://ts1.mm.bing.net/th?&id=HN.608015018225109893&w=300&h=300&c=0&pid=1.9&rs=0&p=0
POPULARITY1 http://www.businessinsider.com/how-facebook-was-founded-2010-3?op=12 http://mashable.com/2011/02/04/facebook-7th-birthday/
Facebook ….The Global Phenomena 4
In its first seven years, Facebook went from one million to 800 million users. The world
has never seen anything like this. According to United Nations Population Fund (UNFPA) in
October 2011 there were seven billion people on earth, 11.4% of the entire world were Facebook
members.3 The many 800 million users were from five or six countries mostly from the U.S.,
Canada, England, Australia, and some from Germany and some from Japan.
Data from: Joanne Pressi retrieved from - http://joannecipressi.com/wp-content/uploads/2011/11/facebook-growth.png
Just when the majority of the populous said Facebook is as big as it can get. Zuckerberg said,
“Not so fast.” In the next two years Facebook grew to 1.23 billion users.4 (See chart below) By
the end of 2013, Facebook boasted 1.23 billion monthly active users worldwide, adding 170
million in just one year.
3 http://www.unfpa.org/public/home/publications/pid/87264 from http://static.guim.co.uk/sys- images/Guardian/Pix/pictures/2014/2/4/1391511321556/Facebookusers.png
Facebook ….The Global Phenomena 5
Data from: Facebook Newsroom retrieved from http://static.guim.co.uk/sys- images/Guardian/Pix/pictures/2014/2/4/1391511321556/Facebookusers.png
Facebook states that as of December 31, 2013, 757 million users log on to Facebook daily.5
There is not a television show, radio show, print media that reaches that many people so fast.
Let’s try to put the sheer magnitude of the power of Facebook in perspective. The most watched
program ever in history was the 2012 Ravens v 49ers Super Bowl XLVIII with 115.3 million
viewers. The 1983 final episode of M*A*S*H had 105.9 million viewers.6 The top three
American Magazine Monthly publications in 2013 were:
Rank Name Circulation Founded Publisher1 AARP The Magazine 22,274,096 1958 AARP2 AARP Bulletin 22,244,820 1960 AARP3 Costco Connection 8,654,464 2003 Costco WholesaleData from: Wikipedia retrieved from http://en.wikipedia.org/wiki/List_of_magazines_by_circulation
If we were to review the top 100 monthly magazines in circulation in America it would not add
up to 1.23 billion. To quote a personal favorite show in Star Trek, Facebook – “Goes where no
man or one has gone before.”
5 http://www.theguardian.com/news/datablog/2014/feb/04/facebook-in-numbers-statistics6 http://en.wikipedia.org/wiki/List_of_most_watched_television_broadcasts
Facebook ….The Global Phenomena 6
NOT JUST A PEOPLE CONNECT MEDIA
While it is unknown how many servers Facebook currently has, in 2012 they boasted
60,000 servers, more than any other social media company. Here are some stats that simply
boggle the minds of techies everywhere.7
•2.5 billion content items shared per day (status updates + wall posts + photos + videos +
comments)
•2.7 billion Likes per day
•300 million photos uploaded per day
•100+ petabytes of disk space in one of FB’s largest Hadoop (HDFS) clusters
•105 terabytes of data scanned via Hive, Facebook’s Hadoop query language, every 30 minutes
•70,000 queries executed on these databases per day
•500+terabytes of new data ingested into the databases every day.
Some analysts state that this amount of data is nearly 2000 times the total mail delivered by the
U.S. Postal Service each day. So why Facebook would collect and retain all of this data posted
by its users? Someone has to pay for all of that storage and the programmers and the like. If
Facebook is free to join and use, who is paying for all of this? Advertising!
7 http://gigaom.com/2012/08/22/facebook-is-collecting-your-data-500-terabytes-a-day/
Facebook ….The Global Phenomena 7
ADVERTISING SPECIFICITY – TARGETING YOUR CUSTOMERS
With this forum it is a highly tedious task to circumvent all the protocols that Facebook
uses for target marketing by its users, however, let just use one example. You’re a small
business making say golf gloves that are different colors, outside the traditional white and black
that they are normally designed. You have advertised in golf magazines and on some golf
television tournaments but sales are not moving as you like. In walks Facebook and they have a
proposal for you. Facebook uses a CPC methodology. CPC is Cost Per Click. They may charge
a small business with say five users about $400 a month for an ad with unlimited clicks. But here
is the winning formula; their target campaign for you will be to attach an ad to everyone’s home
page that has golf in their hobbies. That conceivably could be 250 million people. For everyone
that has clicked onto your ad a report is generated and sent to you.8 This report give you the
specificity of you target campaign. Who likes you and who is reading you ads? When members
hit their like buttons you instantaneously see the fans growing on your ad page.
Marketing Managers are giddy with the fact that their advertising efforts have immediate returns
and they can see what is working and what is not. This specificity is critical to Facebook’s
marketing success. With unlimited data storage they can target any group anywhere, anytime.
Of course Google, Twitter and some others do this as well, but not to the level of Facebook.
Their profile page is as detailed as any and they store everything you post, ask for and anyone
you talk to. Your specialty golf glove business is now exploding. You’re adding colors brought
on by Facebook friends asking for other colors. You’re even adding designs on them. Odds are
your marketing team is spending thousands or tens of thousands less on advertising and you’re
selling much more product.
8 https://www.facebook.com/business/products/measurement#ads-manager
Facebook ….The Global Phenomena 8
COST TO ADVERTISE VS TRADITIONAL MEDIA OUTLETS
In 2011, a 30 second television commercial cost about $350,000 to produce a national
television ad. Far less for a local one as the t.v. station would aid in the production. To run that
costly produced ad for one 30 second spot was about $100,000.9 The real problem here is not the
cost of the ad but whether anyone was really seeing it? Target demographics are not a truism in
t.v. ratings. After all if you running an ad during a football game, you’re expecting males
between the ages of 18-31 to see the ad. Do they really watch the ads? There is no sound data
that I could find on this question; I can only say that most of my programs are on a DVR with me
work schedule and school. I do not watch a single commercial as I fast forward through them. At
$4 to $5 million for a Super Bowl ad – including production costs, they are banking on you
watching them. For the most we do. They are funny and entertaining and are the talk at most
water coolers for days after the big game. Can the companies who advertise during the Super
Bowl really monitor sales as a regard to the ad? Most cannot. On Facebook, however, they can
see immediately who likes them, what they like about their product and people all over the world
are sending out messages on that product. It can be a wonderful thing for a successful product
and a disaster for one that fails. If 250 million people do not like the product, odds are you’re
not selling it. Ad prices on Facebook are based on company size and target market.10 But in this
case, it is not what is spent on the ad that is as relevant as the price per view. With Facebook,
advertisers know how many looked, when they looked, and if they went into the company web-
site from the ad page. Far better monitoring for the advertising dollar than any other media.
9 http://smallbusiness.chron.com/much-television-advertising-really-cost-58718.html10 http://www.qwaya.com/facebook-advertising-costs
Facebook ….The Global Phenomena 9
S.W.O.T ANALYSIS
Strengths
Facebook has not stopped growing since the day it was born. Now a truly global entity
with worldwide appeal.
Data from: Dreamgrow.com retrieved from - http://www.dreamgrow.com/wp-content/uploads/2013/03/facebook-user-trends-2013.png
Facebook has under-developed nations’ interest as well. They are growing in Africa
faster than any business that operated there. (see chart below)
Data from: Techloy.com retrieved from - http://techloy.com/wp-content/uploads/2012/10/facebook-users-africa-october-2012-graph1.png
Major acquisitions of WhatsApp, Little Eye Labs – An Android based Performance
Anaylsis Tool, Instagram-Photo Sharing App, Snaptu – a Mobile app develop, have
Facebook well on its way to expanding into other areas.
Facebook ….The Global Phenomena 10
As of January 2014, Facebook had 1.31 billion users and a market capitalization of
US$177.78 billion, in other words approximately $136 per Facebook user.11
Facebook’s projected growth is nearly off any chart that could be made – but we did find
one. ByLimedesign.com believes that Facebook could continue to show user growth into
2018 before leveling off. (see chart below)
Data from: bylimedesign.com Retrieved from - http://bylimedesign.com/facebook_user_growth.png
Weaknesses
Many Wall-Street analysts believe that Facebook has peaked. To some extent,
Facebook’s biggest problem is the law of large numbers: It is difficult for a company that
already has close to a billion users to continue to grow at phenomenal rates, unless you
assume that eventually everyone on earth will belong to the network.
When it comes to powering e-commerce via retail “storefronts” on Facebook, there are
skeptics here, too. Many of them point out that a number of significant retailers,
including J.C. Penney and Nordstrom, have closed their Facebook stores after lackluster
11 http://en.wikipedia.org/wiki/List_of_acquisitions_by_Facebook
Facebook ….The Global Phenomena 11
sales. Forrester analyst Sucharita Mulpuru said in a report released last year that when it
comes to e-commerce, Facebook may already be as big as it is going to get, because
Facebook stores are largely ineffective, particularly when it comes to big retailers.12
Facebook is already pulling in close to $1 billion in revenue per quarter, but the $100
billion market valuation that many are expecting from its IPO presumes Facebook will be
able to increase that by several orders of magnitude — something that is exceedingly
rare. In fact some have already raised red flags about the fact that the company currently
makes about $5 for every user it has, much lower than other technology companies. 13
OPPORTUNITES
The constant emmergence of the mobile phone and its capabilities. Facebook founder
Mark Zuckerberg has made it clear that mobile growth is a top priority for the company.
“There is no argument,” he told Wall Street analysts earlier this year. “Facebook is a
mobile company.”14
Increase ads by enhancing graphics and streaming capabilities.
Continue to be the social media leader in development of ideas by hiring the best
computer minds in the world.
THREATS12-13 http://research.gigaom.com/report/the-real-issue-behind-facebooks-ipo-how-much-bigger-can-the-company-get/13
14 http://business.time.com/2013/05/02/why-mobile-growth-is-the-key-to-facebooks-future/
Facebook ….The Global Phenomena 12
FB Dominance Will Be Hard to Maintain: A recent Princeton study posited that
Facebook will lose 80% of its users between 2015 and 2017. And whether or not you
believe this stat, it’s important to understand that most tech fads and social media fads
wax and then wane. (Remember MySpace? How about AOL (AOL) Instant Messenger?)
Already we are seeing Facebook face flatlining users in North America and Europe as the
company reaches critical mass.15
Sentiment Is Crumbling: Of course, my earlier point was that usefulness or dominance
doesn’t necessarily add up to profits for investors. It’s important to notice that amid these
headwinds to the balance sheet, there also are real headwinds for FB stock. Consider that
shares are down about 17% from their 52-week high in March above $72, and high-
growth tech stocks across the board — from Twitter (TWTR) to Amazon.com (AMZN)
— are drifting lower. Even if all things continue to go well for FB stock in the next few
earnings reports, this kind of negative sentiment could have a very real impact.16
Over the past seven years if Facebook was in need of something they would just go out
and buy it. If Facebook’s market prowess continues to wain, it will be harded to obtain
these competitors, or they will simply have to pay more for it.
Myspace, Google and other mega social sites have not withered in Facebook’s wake.
Google has shown impressive growth along side of of Facebook.
15-16 http://slant.investorplace.com/2014/05/fb-stock-facebook-threats/16
Facebook ….The Global Phenomena 13
FINANCIAL DATA
Facebook yearly income statement for a four year period.
Annual Income Statement (values in 000's) Period Ending: Trend 12/31/2013 12/31/2012 12/31/2011 12/31/2010Total Revenue $7,872,000 $5,089,000 $3,711,000 $1,974,000Cost of Revenue $1,875,000 $1,364,000 $860,000 $493,000Gross Profit $5,997,000 $3,725,000 $2,851,000 $1,481,000Operating ExpensesResearch and Development $1,415,000 $1,399,000 $388,000 $144,000Sales, General and Admin. $1,778,000 $1,788,000 $707,000 $305,000Non-Recurring Items $0 $0 $0 $0Other Operating Items $0 $0 $0 $0Operating Income $2,804,000 $538,000 $1,756,000 $1,032,000Add'l income/expense items $6,000 $7,000 ($19,000) ($2,000)Earnings Before Interest and Tax $2,810,000 $545,000 $1,737,000 $1,030,000Interest Expense $56,000 $51,000 $42,000 $22,000Earnings Before Tax $2,754,000 $494,000 $1,695,000 $1,008,000Income Tax $1,254,000 $441,000 $695,000 $402,000Minority Interest ($9,000) ($21,000) ($332,000) ($234,000)
Equity Earnings/Loss Unconsolidated Subsidiary
$0 $0 $0 $0
Net Income-Cont. Operations $1,491,000 $32,000 $668,000 $372,000Net Income $1,491,000 $32,000 $668,000 $372,000Net Income Applicable to Common Shareholders
$1,491,000 $32,000 $668,000 $372,000
These numbers are decent. Revenues climbed over the period about $1.2 billion annually. The
reason Facebook’s $7.8 billion in revenues are not abundantly impressive is that Facebook has a
$170 billion market cap. For example Amazon has a Market cap of $165 billion; however, they
did $74.5 billion in revenues in 2013.17 I believe that Facebook’s high market cap revolves
around investors dreaming of what could be not what really is as in the case of Amazon. As we
review some of their ratios, perhaps we can look further into their future.
17 http://www.marketwatch.com/investing/stock/amzn/financials
Facebook ….The Global Phenomena 14
Facebook Fundamentals Better Than Average Worse Than Average Compare Facebook to competition
Facebook Peer Average
Return On Equity 13.47 % (10.56) %Return On Asset 13.25 % (13.62) %Profit Margin 21.57 % (1.86) %Operating Margin 40.64 % (11.69) %Current Valuation 162.43 B 307.1 BShares Outstanding 2.57 B 566.68 MShares Owned by Insiders 8.00 % 6.99 %Shares Owned by Institutions 46.70 % 17.39 %Number of Shares Shorted 46.13 M 3.32 MPrice to Earning 88.27 times 43.94 timesPrice to Book 10.26 times 10.12 timesPrice to Sales 19.37 times 14.24 timesRevenue 8.92 B 17.1 BGross Profit 6 B 15.45 BEBITDA 4.66 B 1.87 BNet Income 1.91 B 852.56 MCash and Equivalents 12.63 B 4.8 BCash per Share 4.92 times 6.08 timesTotal Debt 392 M 10.63 BDebt to Equity 0.02 times 0.61 timesCurrent Ratio 13.56 times 3.82 timesBook Value Per Share 6.56 times 19.05 timesCash Flow from Operations 4.79 B 1.17 BShort Ratio 0.90 times 2.33 timesOne Year High 72.59 39.53One Year Low 24.15 28.13Earnings Per Share 0.77 times 1.69 timesPrice to Earnings To Growth 1.32 times 1.07 timesBeta 1.08 0.24Market Capitalization 174.67 B 33.57 BTotal Asset 19.03 B 74.73 BRetained Earnings 3.8 B 19.14 B
Facebook ….The Global Phenomena 15
Working Capital 13.02 B 3.76 BCurrent Asset 14.06 B 24.24 BCurrent Liabilities 1.04 B 21.36 BZ Score 267.0 601.16Probability Of Bankruptcy 1.00 % 39.27 %
Data from: Macroaxis Inc, Retrieved from - http://www.macroaxis.com/invest/market/FB--fundamentals--Facebook-Inc
Facebook is posting mixed numbers with all of their ratios. Based on latest financial disclosure
Facebook Inc. reported $8.92 billion of revenue. This is 27.18% higher than that of the
Technology sector, and 290.04% higher than that of Internet Information Providers industry; the
revenue for all stocks is 47.84% higher than the company. Facebook Price to Earnings Ratio is a
staggering 88.27 times, twice the number of the industry.
Data from Macroaxis Inc. retrieved from - http://www.macroaxis.com/invest/market/FB--valuation--Facebook-Inc
MERGERS & ACQUSITIONS
Facebook has acquired some 40 companies with its largest acquisition being the purchase of
WhatsApp, paying more than $40 per WhatsApp user. Rather extreme considering that a
WhatsApp user pays .99 per year to use service. It also purchased the defunct company
ConnectU in a court settlement and acquired intellectual property formerly held by rival
Facebook ….The Global Phenomena 16
Friendster. The majority of the companies acquired by Facebook are based in the United States,
and in turn, a large percentage of these companies are based in or around the San Francisco Bay
Area. Facebook has also made investments in LuckyCal and Wildfire Interactive. A complete list
of Facebook’s acquisitions is listed on Appendix A.
CONCLUSION
Through the rough start and ten years of reasonable success, Facebook has entrenched itself into
a global commerce that few can compare. But the jury is still out on their end game. Just how
big will they grow? There are certainly more happy advertisers than unhappy ones. After all
Facebook ….The Global Phenomena 17
who can argue with having their product or service shown to hundreds of millions of people
every day? For far less money than conventional media advertising companies can go global
every minute of the day. Facebook will need to sell more advertising if they are going to get their
ratios back in line with industry standards. With more and more smart phones hitting the street
and Facebook buying an Android interface company, there could be significant growth in this
area. No can currently deny the industry force that Facebook has become, but there are many that
doubt their continued growth and their successful future. Facebook and Zuckerberg are big
enough to create their own pathways. They do not follow anyone, however, their path is not laid
in gold and they need to get creative if this giant is to succeed its next ten years. During this year
FIFA World Cup, Facebook had ONE billion interactions in ONE day.18 No other entity can
reach those masses, so quickly. If Facebook can continue demonstrating advertising suitability
to its clients that road just may be repaved in gold. That could not be too soon for investors.
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18 http://www.nbcnewyork.com/news/sports/Facebook-Reaches-One-Billion-Interactions-World-Cup-Social-Media-265226731.html
Facebook ….The Global Phenomena 18
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Facebook ….The Global Phenomena 19
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Facebook ….The Global Phenomena 20
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APPENDIX A
# Acquisition date Company Business Location Value (USD)
1 August 23, facebook.c AboutFace USA, Boston $200,000
Facebook ….The Global Phenomena 21
# Acquisition date Company Business Location Value (USD)
2005 om domain name
2 July 19, 2007 Parakey Offline applications/Web OS
USA, Mountain View, CA
3 June 23, 2008 ConnectU Social networking USA, Cambridge, MA $31,000,000
4 August 10, 2009 FriendFeed Social networking
aggregator USA, Mountain View,
CA $47,500,000
5 February 19, 2010 Octazen Contact importer Malaysia, Taman
Melawati, Kuala Lumpur6 March 2, 2010 Divvyshot Photo management USA, San Francisco
7 May 13, 2010 Friendster patents
Intellectual property/patents
USA, Mountain View, CA / Malaysia, Kuala Lumpur
$40,000,000
8 May 26, 2010 ShareGrove Private conversations/Forums USA, San Mateo, CA
9 July 8, 2010 Nextstop Travel recommendations USA, San Francisco $2,500,000
10 August 15, 2010 Chai Labs Internet applications USA, Mountain View,
CA $10,000,000
11 August 20, 2010 Hot Potato Check-ins/status
updates USA, Brooklyn ~$10,000,000
12 October 29, 2010 Drop.io File hosting and
sharing USA, Dumbo, Brooklyn ~$10,000,000
13 November 15, 2010
FB.com domain name
American Farm Bureau Federation USA, Washington, D.C. $8,500,000
14 January 25, 2011 Rel8tion Mobile advertising USA, Seattle undisclosed
15 March 2, 2011 Beluga Group messaging USA, Palo Alto, CA undisclosed
16 March 20, 2011 Snaptu Mobile app developer Israel $70,000,000
17 March 24, 2011 RecRec Computer vision USA, San Francisco undisclosed
18 April 27, 2011 DayTum Information graphics USA, SoHo, New York City
19 June 9, 2011 Sofa Software design Netherlands, Amsterdam20 June 9, 2011 MailRank Email prioritization USA, New York
21 August 2, 2011 Push Pop Press Digital publishing undisclosed
22 October 10, 2011 Friend.ly Social casual Q&A
service app USA, Mountain View,
California undisclosed
23 November 8, Strobe HTML5 mobile apps, USA, San Francisco undisclosed
Facebook ….The Global Phenomena 22
# Acquisition date Company Business Location Value (USD)
2011 SproutCore
24 December 2, 2011 Gowalla Location Based
Service USA, Austin
25 April 9, 2012 Instagram Photo sharing USA, San Francisco $1,000,000,00026 April 13, 2012 Tagtile Customer loyalty app USA, San Francisco, CA undisclosed
27 May 5, 2012 Glancee Social discovery platform USA, San Francisco undisclosed
28 May 15, 2012 Lightbox.com Photo sharing UK, London undisclosed29 May 21, 2012 Karma Social gifting USA undisclosed
30 June 18, 2012 Face.com Face recognition platform Israel, Tel Aviv $100,000,000
31 July 14, 2012 Spool Mobile bookmarking and sharing content USA, San Francisco undisclosed
32 July 20, 2012 Acrylic Software
RSS app Pulp and secure database app Wallet
Canada, Vancouver undisclosed
33 August 24, 2012 Threadsy
Threadsy is a social aggregator, Maker of social marketing tool Swaylo
USA, San Francisco undisclosed
34 February 28, 2013 Atlas Atlas advertiser suite USA, Seattle,
Washingtonless than $100,000,000
35 March 2013 osmeta Mobile software USA, Mountain View, CA
36 March 14, 2013 Hot Studio Design agency USA, New York, NY,
San Francisco, CA
37 April 23, 2013 Spaceport Cross-platform game framework
38 April 25, 2013 Parse Mobile app backends USA, San Francisco, CA
39 July 18, 2013 Monoidics Automatic verification software UK, London
40 August 12, 2013 Jibbigo Speech translation
app
41 October 13, 2013 Onavo Mobile analytics
42 December 17, 2013
SportStream
Sports conversation analysis USA, San Francisco, CA
43 January 8, 2014
Little Eye Labs
Performance analysis and monitoring tools for Android
India, Bangalore, India $15,000,000[53]
44 January 13, 2014 Branch Web conversation
platform USA, New York, NY $15,000,000
Facebook ….The Global Phenomena 23
# Acquisition date Company Business Location Value (USD)
45 February 19, 2014 WhatsApp Mobile instant
messaging USA, Mountain View,
CA $19,000,000,000
46 March 25, 2014 Oculus VR Virtual reality
technology USA, Irvine, CA $2,000,000,000
47 April 24, 2014 ProtoGeo Oy
Fitness tracking app Moves Finland, Helsinki undisclosed
Data from Wikipedia Retrieved from - http://en.wikipedia.org/w/index.php?title=List_of_mergers_and_acquisitions_by_Facebook&printable=yes
Facebook ….The Global Phenomena 24