NEW YORK (TheStreet) -- Facebook (FB) announced on Monday that its Facebook Messenger app reached 500 million monthly active users, months after the social media company removed the messaging feature from its main mobile apps.
Shares of Facebook were falling 0.8% to $75 in afternoon trading.
The new 500 million MAU milestone is up from 200 million MAUs announced in April 2014. In April Facebook said users sent 12 billion messages in Messenger a day, though it didn't announce how many messages are now sent each day through the app.
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The Facebook Messenger app lets users send text, picture, and video messages to other Facebook users, as well as make free calls.
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."