Facebook Inc. [NASDAQ: FB] has decided to close two of its apps named Lasso which is similar to TikTok. It allows users to create and make short videos. While Hobbi is similar to Pinterest [NYSE: PINS] which allows users to collect images and ideas related to their hobbies.
The decision to close the two apps doesn’t leave a major effect on Facebook’s daily activities. Both apps Lasso and Hobbi were run by the New Product Experimentation team of Facebook. Lasso was last for a couple of years while Hobbi was launched less than six months ago.
Shares of Facebook Inc. [NASDAQ: FB] had tumbled down 1.74% and down -4.13 during the last trading session of Thursday. Its closing price is 233.42. FB had a trading volume of 30.56 million as compared to the average volume of 25.76 million.
This company’s return on assets (ROA) is 16.30%, return on equity (ROE) is 21.50%, and return on investment (ROI) is 17.40%. Facebook Inc. has a Gross Margin of 81.70%, Profit Margin of 28.60%, and Operating Margin is 36.20%.
Earlier, Facebook Inc tried to copy Snapchat several times but failed. Recently, various brands have boycotted the advertisement on Facebook because they accused the company of violent content and misinformation. Brands that pulled ads from Facebook include Adidas, Coca-Cola Co., Denny’s Corp., Honda Motor Co, Adidas AG, and several other companies.