Facebook will pay $1 billion to buy photo-sharing application Instagram because the social network recognized its own shortcomings in providing the service, analysts said. The deal is designed to make it simpler for Facebook users to upload and share pictures via their mobile phones. "We really don't know how Facebook will monetize mobile platforms. The first step is to make Facebook friendlier on mobile devices and this will certainly do that," said Altimeter Group analyst Rebecca Lieb.
Facebook ponies up $1B for photo-sharer Instagram in mobile play
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