Facebook has the opportunity to be one of users' first experiences on the Internet in developing countries, the Wall Street Journal reports.
The new app, which is debuting first in Zambia to subscribers of local wireless carrier Bharti Airtel, will allow users to visit sites and apps including Facebook, Messenger, Google Search, Wikipedia, AccuWeather and an app promoting women's rights, helping people in developing markets gain access to the Internet.
The social media giant says only 30% of the world uses the Internet, though 85% of the population lives within range of cellular data connections.
Shares of Facebook are down -2.14% to $73.08.
Separately, 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."