Facebook Inc. is expanding the number of retailers for its gift-
giving feature that lets users buy and send items without leaving
the website, part of the company's efforts to add new revenue.
The new partners include Brookstone Inc., Dean & Deluca Inc. and Fab.com Inc., Facebook said at a news conference in New York. "Tens of millions" of users can now access products via the gifting service, which was announced in September with retailers such as Starbucks Corp. and 1-800- Flowers.com Inc.
Menlo Park, California-based Facebook is trying to generate more revenue from the world's most popular social network, with more than 1 billion users. Through Thursday, shares in Facebook have declined 42 percent since its May initial public offering, partly on concern over its rate of mobile advertising sales growth and competition from rivals such as Google Inc., Yahoo! Inc. and Amazon.com Inc.
"There is nowhere people go more to share life's moments than Facebook," said Lee Linden, product lead for Facebook Gifts and founder of Karma, the gift-giving application Facebook acquired earlier this year. "It's a huge milestone for the team, and something we think people are very much going to enjoy."
The new feature lets users find and send gifts from a birthday reminder or from a friend's profile.
Most Popular Stories
- 2016 Camaro Shrinks, Moves to Caddy Platform
- More Hispanic Voters May Not Mean More Clout
- Eric Garcia Appointed as Revenue Chief
- Tablets, Cars Drive AT&T Gains
- New Effort to Ban Child Labor From Tobacco Farms
- Apple Pay Debuts With Few Issues
- Stocks Subdued After Gains Earlier in Week
- Government: 500 Million Records Stolen in 12 Months
- Pistorius Gets 5-year Sentence in Shooting Death
- Mom Makes Toys R Us Pull 'Breaking Bad' Dolls