Dallas, Texas 08/14/2013 (Financialstrend) – Facebook Inc (NASDAQ:FB) had moved on to build its own in-house translation tool thereby replacing the dependability on Bing of Microsoft for the same. The company had moved to acquire the Mobile Technologies, the developer of tools for speech recognition and translation which would thereby enable the company to connect to users regardless of the language barriers. It had been reported that Facebook could use the acquired company’s technologies to translate and voice search the News Feed Posts on the site in multiple languages.
With the recognition that the voice technology had become the most important way of navigation through the web, Facebook Inc. proved to have made an effective move by acquiring the Pittsburg based Mobile Technologies. It is thereby expected that this acquisition would help the social networking services provider to effectively enhance the product offering of the company to expand its services to wide range of new users across different language barriers. The financial terms of this deal had not yet been disclosed by the company. The stock of Facebook had made profits of around 44.04% since the break of this calendar year.
Shares of Facebook Inc. decreased by 3.14% on Tuesday to close at $37.02 per share for the day, with a trading volume of 65.31 million shares. The stock had presented intraday price movements varying from low of $36.77 to high of $38.32 per share. Presently, the company has recorded low price of $17.55 and high price of $39.32 per share for the past 52 weeks. The stock holds around 2.41 billion shares standing out in the market with the investors with an institutional holding of 35%. The average trading volume of the stock over the past one month of trading is reported to be at 64.89 million shares per day.