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Facebook turns negative; company acquiring fitness app

Apr. 24, 2014 2:11 PM ETMeta Platforms, Inc. (META) StockMETABy: Eric Jhonsa, SA News Editor18 Comments
  • After trading sharply higher premarket, Facebook (FB -0.7%) is now down slightly, as investors balance big top and bottom-line beats (the company's fourth in a row) with concerns about slowing growth and a CFO change.
  • Facebook has announced today it's buying Finland's ProtoGeo, developer of popular fitness-tracking app Moves. ProtoGeo says its team will work on improving Facebook's products/services, but will also continue supporting its standalone app and has no plans to "commingle" its data with Facebook's.
  • The acquisition comes amid surging industry hardware and software investments in mobile health/fitness-tracking solutions. Samsung included a slew of health/fitness features within its Galaxy S5, and Apple will reportedly do the same for the iPhone 6 and its anticipated iWatch. Google's new Android Wear platform also includes health/fitness-monitoring support.
  • Separately, Facebook has launched a newswire page in partnership with startup Storyful in an effort to get more breaking news into feeds. Mark Zuckerberg has wanted Facebook to be the world's "best personalized newspaper," but users haven't always felt the same way.

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