Shares of Facebook were gaining 1.9% to $59.24.
The new ad network makes it easy for developers to advertise on mobile devices, and will compete with Twitter's (TWTR) MoPub network. Facebook Audience Network lets app developers link directly to their apps in mobile ads, and will automatically target ads to users who might be interested in those apps.
Ads come in three different formats: banner, interstitial, and native. Facebook said the ads are "designed to help marketers meet key business objectives, like driving app installs and engagement."
Facebook Audience Network is targeted at mobile app developers to start, and developers can sign up for the mobile ad network now. The service will roll out to more advertisers "in the coming months."
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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."