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Facebook Inc (FB) Discounts the Future of its Hardware Business

Facebook Inc, Netflix Inc are still a buy despite market

Facebook Inc may not go for the FBphone version 2.0. On Thursday, speaking at the Code Mobile technology conference, Facebook’s vice president of messaging products, David Marcus, said the firm might not make another phone because the first one, in April 2013, was a big failure.

Facebook Inc, Netflix Inc are still a buy despite market

Facebook phone was a disaster

In 2013, Facebook introduced the HTC First or the ‘Facebook phone.’ The device was priced at $99 and came preloaded with Facebook Home, a package that turns the home and lock screens of the device into Facebook-only zones. The device failed at attracting customers, and AT&T had to reduce the price to 99 cents a month later after.

Facebook did benefit from the mobile market even though it did not actually sell a mobile device. In July, the firm said it derived 76% of its ad revenue from mobile devices in the Q2. Marcus said that people spend 25% of the time spent on a mobile device on one of Facebook’s apps such as Messenger, WhatsApp and Instagram.

“People spend a lot of time using Facebook products on their smartphones. We build partnerships and have relationships with all the mobile operators around the world,” the executive said.

Facebook Messenger comes to Apple Watch

Marcus, a former PayPal president, joined Facebook Inc last year, and has since been a key figure in the firm. He played a vital in the firms mobile text messaging project, and managed teams creating the Messenger app. In June, the firm said 700m use Messenger at least once a month.

Talking on the Messenger, as was promised in September, Facebook Messenger is now updated to work with Apple Watch. The app listing states that the users will now be able to send voice clips, likes, stickers, ‘and more’ with the Messenger.

The update goes beyond Apple Watch. Users will now be able to find their Messenger contacts and conversations directly in iPhone’s native search results. Messenger has also been updated to support multitasking features of the iPad on iOS 9. This means that users will now be able to keep their chats going even while watching a movie or browsing the web.

At around 9.54 am EDT today, Facebook Inc shares were up 1% at $93.39. Year to date, the stock is up almost 18% while in the last one-year, they are up almost 23%.

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Aman is MBA (Finance) with an experience on both marketing and Finance side. He has work as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, playing PC games and cricket.

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