Facebook to Shut Parse, Tool for Mobile Apps

Facebook bought Parse for $85 million in cash and stock in April 2013, when the social network was ramping up its mobile business, people familiar with the matter said at the time. Dropbox Inc. also bid on Parse, and Alphabet Inc.GOOGL +4.28%’s Google and Yahoo Inc. also expressed interest in the startup, The Wall Street Journal then reported.

At the time, Facebook said the acquisition would help developers “rapidly build apps that span mobile platforms and devices.”

Parse announced new tools at Facebook’s F8 developer conference in March 2015. But over the course of the year, the company decided to focus on projects that stemmed from its core platform, such as expanding Facebook login and mobile app-install ads. Wednesday, Facebook announced strong fourth-quarter results on the strength of it mobile-advertising business.

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