A year after Facebook's flashy IPO that valued the company at $104 billion, investors are skeptical about the company’s future.

The company has seen a devastating drop in its stock price over the past 12 months. The shares were trading hands at just over $26 on Friday, a long way off from the $38 IPO price, a level the stock has indeed never crossed.

The underwhelming IPO was one of the most disappointing debuts of a company going public ever. But the company has rolled out a number of changes over the past year that could see positive returns for investors.

A year ago, practically 0 per cent of Facebook's revenue came from mobile devices. In the subsequent quarters since then, that ratio has risen from 14 to 23 to now, 30 per cent of all Facebook's revenue coming from mobile ads.

That's happening because users are logging on to mobile devices more and more. At the start of the year, about 11 per cent of facebook's usage was in so-called "mobile minutes" — but today that has doubled to 22 per cent. 

There are other reasons for hope since Facebook unveiled "graphic search" a few months ago — a search function that helps users search for information better, and helps advertisers give more targeted ads. Yet a majority of Facebook users around the world currently still don’t even have access to this technology.

The company is still facing numerous hurdles, not the least of which are multiple investor lawsuits claiming the IPO’s "were negligently prepared and failed to disclose material information about Facebook’s business, operations and prospects."