Facebook Inc. (FB) has seen the number of paid users of its Workplace software, which is used for corporate chats and video calls, increase to 5 million as the coronavirus pandemic accelerated the need for remote working tools.
The social media network said that as the number of Workplace software paid users surged to 5 million from 2 million in October, it is also introducing additional video features to meet the needs of the growing demand.
Facebook is joining other tech companies in offering remote work tools such as Microsoft (MSFT) with its Teams software which has more than 75 million daily active users. Meanwhile, popular video-conferencing company Zoom Video Communications (ZM) has gone from an average of 10 million daily active users in December to 300 million as of the end of April.
Facebook’s Workplace platform will be offering Workplace Rooms which is a space for businesses to meet with up to 50 participants for an unlimited time. Other features include the addition of new Live Producer tools to Workplace, which will enable users to live-stream from their desktop with professional video tools. Users can also opt for automatic captions for live videos in English, French, German, Italian, Portuguese and Spanish.
What’s more Facebook also noted that the demand for Oculus Quest, its virtual reality software platform has grown and is now used for professional training and virtual meetings by the likes of Nestle Purina, Hilton (HLT) hotel chain and the Johnson & Johnson (JNJ) Institute.
The company updated that Work Groups, which is a type of Facebook Group to connect people with their co-workers, has over 20 million monthly active users after just six months.
Shares in Facebook rose 1.5% to $234.91 at the close on Friday extending its rally to a staggering 60% since mid-March.
In light of the recent rally, the $240.43 average price target by analysts implies limited upside of 2.4% in the coming 12 months. (See Facebook stock analysis on TipRanks).
TipRanks data shows that overall Wall Street analysts have a bullish call on Facebook shares. A stellar 33 out of 36 analysts have a Buy rating on the stock with the rest keeping a Hold rating for now.
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