Facebook CFO David Ebersman: Instagram Is A ‘Formidable Competitor’

Facebook Chief Financial Officer David Ebersman spoke about a “formidable competitor” at the Morgan Stanley Technology, Media, & Telecom Conference in San Francisco Wednesday, but the social network happens to own that competitor: photo-sharing application Instagram.

Facebook Chief Financial Officer David Ebersman spoke about a “formidable competitor” at the Morgan Stanley Technology, Media, & Telecom Conference in San Francisco Wednesday, but the social network happens to own that competitor: photo-sharing application Instagram.

CNET reported that in response to a question about whether competitors are attracting attention away from Facebook, Ebersman replied:

One of the services that is, I think, a quite formidable competitor is Instagram.

CNET pointed out that Facebook also made references to competing with Instagram in its 10-K annual report to the Securities and Exchange Commission, writing:

We believe that some of our users, particularly our younger users, are aware of and actively engaging with other products and services similar to, or as a substitute for, Facebook.

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