Facebook buys Instagram

Instagram's acquisition doesn't mean Facebook will give up on its own photo-sharing solution, Zuckerberg said, adding that Facebook "will try to learn from Instagram's experience to build similar features into our other products."

Zuckerberg called the Instagram acquisition "an important milestone" that marks Facebook's first purchase of an established company with a massive and loyal user base — a departure from the company's practice of buying out potential rivals before they developed much of a reputation beyond early adopters and programmers. But industry observers shouldn't hold their breath for a round of Facebook buyouts.

"We don't plan on doing many more of these, if any at all," Zuckerberg said.