NEW YORK, NY / ACCESSWIRE / April 24, 2017 / Facebook and Snap continue to battle for users. Snapchat recently gained some steam after acquiring Mobli, a photo-sharing network that Facebook originally wanted. The social media giant isn't taking things sitting down though and is now on a mission to create the most popular platform for creating AR-enhanced content. While Facebook has been adding content and editing sharing features that mimic Snap's, it has also been focused on separating itself from its competitor with creating the first mainstream augmented-reality platform.
Shares of Facebook may have closed slightly in the red this past Friday, but it's CEO Mark Zuckerberg's new vision that has caught investor's attention. Zuckerberg is betting on augmented reality. The young billionaire spoke at the Facebook F8 conference last week and said, "Staring at a blank wall is going to be a thing." First revealed in April of last year, Zuckerberg spoke more about the next ten years for Facebook. He claimed that Facebook is on its way toward building the first mainstream augmented-reality platform. The company's new Augmented Reality studio will create augmented reality filters similar to Snap, but unlike its rival, Facebook also unveiled the ability to add 3D "lenses" to photos and videos taken with a phone's rear camera, rather than just selfies. Facebook's stock is up 25% year-to-date through April 21.
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Snap shares may have closed in the red this past Friday down 1.06%, but the Street is on their toes waiting for the company to release its first earnings as a public company. Snap is expected to report earnings on May 10th after the market closes. The stock has been on a see-saw since its debut and IPO price of $17 per share in early March, and recently fell below $20 for the second time. The company has been busy however, and just purchased photo-sharing network Mobli's Geofilters patent for $7.7 million, according to TechCrunch reports. Mobli's Geofilter patent has been highly sought after by Facebook. Snap makes around 90% of its revenues by selling photo filters that are based on location to advertisers who can purchase them to better target users.
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