Facebook shares closed in the red in the US Wednesday, as the social media site announced it was expanding its jobs listings capabilities. The global platform is making its jobs section available in over 40 countries, after rolling it out in the US and Canada in 2017.
Facebook shares ended 1.73% lower at $178.32. However, afterhours trading activity currently has the stock a little higher.
Jobs listings announcements
Facebook announced its plan Wednesday, saying its decision would be beneficial to local businesses, who provide 60% of new jobs.
“We want to help people find those jobs and help local businesses hire the right people, so, we’re expanding the ability to apply to jobs directly on Facebook to more than 40 countries,” said VP of Community at Facebook, Alex Himel.
An online poll Facebook commissioned also shows that one-in-four people who responded, said they had searched for, or found a job using Facebook, since the option was made available in the US and Canada.
Crucially, the service will be free for jobseekers. Meanwhile, for businesses, they can easily create a post on their mobile devices.
“We know there is more Facebook can do to connect people and businesses,” Himel said. “In 2018 we plan to invest the same amount in more teams, technology, and new programs. Because when businesses succeed, communities thrive.”
New Facebook algorithms ‘decimate’ online business
Separately, online publishing business, Little Things, has had to close down its business after the change to Facebook’s post publishing algorithms dramatically reduced its readership.
Little Things launched in 2012 and attracted 12 million Facebook followers with its generally ‘feel-good’ lifestyle articles and videos. But, since Facebook introduced new algorithms, CEO Joe Spieser said it had lost around 75% of its organic traffic, which hit its income.
Speaking to Business Insider, Spieser said that change in traffic led to a business who was planning to buy Little Things, to pull out of the deal.
“It is with great sadness that I write to you to say goodbye,” Little Things said in its final blog post, Wednesday. “Yesterday Little Things shut down. We just went live for the very last time.”