NEW YORK (TheStreet) -- Facebook (FB) shares are down -3.6% to $60.17 in trading Thursday.
The drop follows the social media company informing European users that the messaging feature will be removed from the company's Facebook app in the near future.
The move, which will be rolled out incrementally, is designed to force users to download the company's separate Facebook Messenger app.
According to a the Verge article, the move is not an experiment and will be implemented to users in every country.
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"A Facebook spokesperson confirmed to The Verge that stripping Messenger out of the main Facebook app is not a test, and will at some point in the near future happen in every country," the article said.
According to the article, users operating cheaper low-storage Android devices, and Windows Phone and tablets, will still be able to send messages through the Facebook app.
TheStreet Ratings team rates FACEBOOK INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate FACEBOOK INC (FB) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the stock itself is trading at a premium valuation."