Mark Zuckerberg, CEO of Facebook Inc (NASDAQ:FB), together, with his top executives will meet Mike Duke, CEO of Wal-Mart Stores, Inc. (NYSE:WMT), and his management team at the headquarters of the retail giant, in hopes of advancing their business relationship.
The specific details of the meeting between the two executives were not disclosed by the spokespersons of either companies. According to Reuter’s report, Zuckerberg, together with Sheryl Sandberg, Chief Operating Officer of Facebook, will attend Wal-Mart’s monthly meeting, and will be given the opportunity to talk to the employees of the company.
According to the statement released by the social network giant, Facebook Inc (NASDAQ:FB) hopes to “deepen” its relationship with Wal-Mart, and to learn from the retailer giant’s “experience and management team about building a strong, durable, and valuable company for the long-term.”
In October 2011, Wal-Mart entered a partnership with Facebook to increase its capability to compete with online retailers, like Amazon.com, Inc.(NASDAQ:AMZN) through e-commerce and social networking. Facebook helped Wal-Mart launch its My Local Wal-Mart page to be able to connect with its millions of fans, and for them to receive information regarding the new products, sales events, and other activities of more than 3,500 Wal-Mart stores across the United States. At present, Walmart’s Facebook page has more than 17 million fans. The company is also paying to run its advertisements on Facebook.
In a statement, Walmart said, “We appreciate and value the ongoing strategic partnership we have with Facebook. Their help and support with testing new and innovative products and technologies to reach our customers have been invaluable.”
Although both companies already have an existing partnership, the meeting today would be the first time for Zuckerberg and his top management team to meet with the entire management team of Wal-Mart, including Walmart U.S. CEO, Bill Simon, Walmart International CEO, Doug McMillon, and Sam’s Club CEO, Rosalind Brewer, as well as Duke’s leadership team.
James Breyer, who is a member of the board of both Facebook and Wal-Mart, and a partner at Accel Partners, a venture capital firm, is expected to join the meeting today.
Facebook is expected to report its second quarter earnings on July 26. Since its IPO, the company’s stock value fell from its original $38 offering price to $29.13 per share on Friday (July 20) morning trading.
Analysts and investors alike, believe that Facebook’s revenue will increase by creating partnerships with retailers. Facebook’s shares were affected by Nasdaq’s technical glitches, and worries regarding strategies for long-term growth.