Facebook is looking to speed completion of its $1 billion deal to acquire photo-sharing application Instagram and save a little money at the same time by scheduling a “fairness hearing” with the California Department of Corporations in San Francisco Aug. 29, according to reports.
Facebook’s pending acquisition of photo-sharing application Instagram cleared one hurdle across the pond when the U.K. Office of Fair Trading signed off on the deal.
Following its second-quarter earnings call last Thursday, Facebook filed its 10-Q quarterly document with the Securities and Exchange Commission Tuesday, addressing, among other topics, increased mobile usage, revenue from game developer Zynga, and the status of various lawsuits.
Leading up to Facebook’s first-ever earnings call as a publicly traded company, which will be held Thursday at 5 p.m. ET/2 p.m. PT, the social network, through outside public-relations firm Brunswick Group, is trying to de-emphasize its actual financial results and focus on its accomplishments since going public May 18.
As Facebook looks for more ways to boost revenue, the company has gone from buying out companies for talent grabs to focusing on acquiring properties that can help make money. Instagram and Karma were two of the biggest buys this year, but a Facebook official told The Wall Street Journal that Mark Zuckerberg’s checkbook might still be out.
As previously rumored, Facebook announced Monday morning that it has acquired Face.com, an Israeli-based facial recognition site. TechCrunch reports that the social network will likely use Face.com’s software to bolster mobile photo tagging.
Facebook’s hunger for juicy startup morsels is somewhat insatiable, gauging its recent merger-and-acquisition activity. But when it goes in for the kill, it’s typically for one reason and one reason alone: acquisition of talent, lest they become threats.