Networking is more important than ever in our hyper-connected world, but once a company has become the world's top social network, are there any mountains left to climb?

That is the interesting challenge with which Facebook(FB) - Get Report is grappling.

Facebook Co-Founder, Chairman and Chief Executive Mark Zuckerberg is just 32 -- too young to run for president -- but the company he started has been a world leader for almost a decade.

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Now, as it expands beyond its existing dominance, Facebook finds itself increasingly in direct competition with other Silicon Valley titans.

The company's core business remains strong.

Facebook had 1.13 billion daily active users in June, an increase of 17% from a year earlier.

Monthly active users were 1.71 billion for the same period, an increase of 15%. By comparison, the monthly active user figure for rival Twitter is less than 320 million.

Mobile-advertising revenue at Facebook represented about 84% of total ad revenue for the second quarter, up from about 76% a year earlier. The number of users posting and watching videos on Facebook is also up.

"We are moving towards a world where video is at the heart of all our services," Zuckerberg said.

Now the company is branching out into new areas.

Just this week, it was reported that Facebook is in talks with the U.S. government and wireless carriers to bring its free basics service to America.

This effort "would target low-income and rural Americans who can't afford reliable, high-speed Internet at home or on smartphones," The Washington Post reported.

It would allow people to use Facebook and other sites without it counting toward their data plans.

Facebook has cornered the market on people connecting on a personal level. Now it is taking steps to compete with eBay, the country's leading individual sales site.

Millions of users already use the Facebook Groups feature to buy and sell items, whether they are families in a local neighborhood to collectors around the world. To help people make more of these connections, the company is introducing Marketplace, a convenient destination to discover, buy and sell goods with people in their communities.

The company also recently launched an application called Messenger Lite, a standalone version of Messenger for Android. It is a slimmed-down version of Messenger that offers the core features of Messenger for markets with slower-than-average Internet speeds and a prevalence of basic Android smartphones.

With Messenger Lite, people are able to quickly and easily send text, photos and links to anyone using Messenger or Messenger Lite.

The company is also refining its News Feed feature to show people the stories most relevant to them, as it competes with Alphabet's Google News. The effort includes global crowd-sourced surveys of tens of thousands of people per day and keeping track of whether a story engaged users in broader discussions.

Alphabet is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. See how Cramer rates the stock here. Want to be alerted before Cramer buys or sells GOOGL? Learn more now.

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The author is an independent contributor who at the time of publication held none of the stocks mentioned.