Furthermore, Facebook has been constantly trying to revamp its services. On Wednesday, Facebook announced that it would be launching “verified pages” for celebrities and “high-profile” people. With this move, Facebook looks to draw in “a select group of people.” Of course, this is a nod to Twitter, which implemented this feature a while back and has fully capitalized on it since then.
For investors that expressed concern about the decline of younger users in recent months, the company has pointed at the fact that the people moving away from Facebook are simply switching to Facebook-owned social media such as Instagram. In a move to increase its mobile presence, Facebook has also agreed to buy Parse, a startup that helps companies create mobile applications.
Earlier this month, Facebook reported that earnings grew by 6.8% in the first quarter, beating analyst expectations by a healthy margin.
Facebook is currently trading above its 52-week low of $17.55 and below its 52-week high of $33.45. Shares are down 7.7% since the start of the year.