Facebook Inc (FB) continues to add new technologies to its social networking platform. The company recently announced that it is expanding its research laboratory dedicated entirely to artificial intelligence (AI). To implement this, the company has taken the help of New York University professor Yann LeCun.
Artificial intelligence will likely be used by the company to achieve its long-term goal. LeCun believes that the inclusion of AI will bring about major advancement in the field of social networking and also increase the scope of the research partnership. It will help to advance machine learning, data science as well as artificial intelligence.
This move is similar to that of another tech giant Google (GOOG), which has recently increased its efforts in artificial intelligence. Google employed AI research scientist Ray Kurzweil to head its research division. Facebook will also likely increase its presence in this domain with new acquisitions and appointments.
However, Facebook continues to face significant competition from service providers like Flipboard, Prismatic, Circa, along with social networking sites such as Twitter (TWTR) who are also making plans to include advanced technology to enhance their social networking platform.
Of late, Facebook has been making changes to its platform to improve the quality of services and provide real-time event updates. These initiatives are aimed at expanding its presence in the segment.
Facebook is leveraging the Internet platform to increase its customer base. The company has recently launched the internet.org project in association with Qualcomm (QCOM) and other technology companies. f properly implemented, this project will make Internet easily accessible to the majority of the population in developing countries.
Facebook is also trying to attract new users and at the same time maintain existing ones by introducing new features. These features will make Facebook much more attractive as a social networking platform, offering greater benefits.
On the other hand, companies such as LinkedIn Corp. and Yelp Inc. are also offering newer services and thereby increasing competition for Facebook.
Currently, Facebook has a Zacks Rank #2 (Buy).