Facebook share price: Company begins testing of service for corporate users

on Jan 15, 2015
Updated: Oct 21, 2019

Facebook Inc (NASDAQ:FB) has officially kicked off its push to take over the office by launching a formal pilot testing of a corporate edition of its hugely-popular social networking service. The Facebook at Work app yesterday become available for download on the App Store and Android stores, though only to a handful of test companies.

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The application, which is still in the early stages of development, marks Facebook’s first foray into the workplace. It lets people collaborate and communicate through a web interface or a mobile app, instead of using email.
Facebook at Work is similar to the regular version of Facebook, but there are some differences. For example, this edition of the social networking service doesn’t feature adverts. The company doesn’t track users or hold their data. Facebook expects that one of the app’s new features will be Groups, which it sees as potentially replacing email lists. “It’s the Facebook everyone knows and loves but adapted to work,” said Lars Rasmussen, the director of engineering for the product, as quoted by the New York Times.

Facebook at Work is a new venture for the world’s largest social media firm, in a field where there is no shortage of serious players. Microsoft Corp’s Yammer and LinkedIn are two of the corporate social networking services with established userbases.
In today’s trading, Facebook shares were 1.9 percent lower at $74.83, as of 15:04 UTC. The company’s market capitalisation currently stands at around $208.7 billion.
According to the Financial Times, the 42 analysts offering 12 month price targets for Facebook have a median target of $90.00, with a high estimate of $105.00 and a low estimate of $57.54.As of January 10, 2015, the consensus forecast amongst 63 polled investment analysts covering the company suggests that the stock will outperform the market.
As of 15:58 GMT, Thursday, 15 January, Facebook Inc share price is $75.08.


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