NEW YORK (TheStreet) -- Shares of Facebook (FB) are advancing 0.13% to $82.16 in Friday's afternoon trading session after the social media giant introduced Facebook Lite, a new version of Facebook for Android users, the company said.
The company is rolling out Facebook Lite in Asia, and over the coming weeks, it will be available in parts of Latin America, Africa and Europe.
The new app takes up less than 1 megabyte of storage space, allowing it to quickly install and load. This is significantly less than 25 megabytes, which is the amount of storage space the current app takes up, CNBC.com reports.
"In many areas, networks can be slow and not able to support all the functionality found in Facebook for Android," the company stated in a post. "Facebook Lite was built for these situations, giving people a reliable Facebook experience when bandwidth is at a minimum."
Separately, TheStreet Ratings team rates FACEBOOK INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate FACEBOOK INC (FB) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. 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, expanding profit margins, good cash flow from operations and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income."