Facebook share price down, allows developers to add new features to Messenger

Facebook Inc announced on Wednesday a platform which would allow developers to create applications that integrate with its Messenger service.

The worlds largest social network made the announcement during its annual developer F8 conference in San Francisco. The move outlines Facebooks efforts to further boost interest towards its messaging application, which already has around 600 million users.

The company said that it will add 40 different applications over the next few days to Messenger. The new additions would allow users to “enhance their conversations” by adding the ability to send sports clips, animations and similar items. Facebook said that one of the first applications that will feature on Messenger would be provided by ESPN and The Weather Channel.

The company is putting a lot of efforts to place its Messenger application in a spot from where it can drive future growth. Founder and Chief Executive Mark Zuckerberg has previously said that he most likely wouldnt be interested in generating revenue from the application, which became separate from Facebooks social platform last year, until it has 1 billion users.

The idea of integrating new features to a messaging service is not new, however. WeChat, the messaging service of Chinese technology giant Tencent, is capable of performing all kinds of tasks, including calling a taxi and transferring money.

Facebook also unveiled Messenger for Business, which is aimed at replacing the traditional e-mail communication. The service is expected to roll out during the next few weeks and would allow companies to directly reach their customers through Messenger.

Facebook also said it had reached an agreement with online retailers Zulily and Everlane to make shopping even easier for its Messenger users. The clothing merchants will now accept orders made through the messaging service and notify the client when the purchase has shipped. Additionally, customers would also be able to modify their orders.

“This is just the first step toward creating better sharing experiences across this whole family of apps,” said Mr. Zuckerberg.

Last week Facebook announced it will allow its users to send money to each other through its Messenger, making the service even more attractive. The messaging unit has been through a lot of chances since the company appointed David Marcus, former president of PayPal, as head of the division.

Facebook dropped 2.80% on Wednesday and closed at $82.92 on the NASDAQ, marking a one-year increase of 27.79%. The company is valued at $238.78 billion.

According to the Financial Times, the 44 analysts offering 12-month price targets for Facebook have a median target of $92.00, with a high estimate of $107.00 and a low estimate of $65.00. The median estimate represents a 10.95% increase from the last closing price.