Watch Out LinkedIn, Facebook Just Launched a Jobs App

Facebook Earnings Under Pressure

Facebook rolled out its job-board application Wednesday allowing users to access more than 1.7 million job opportunities from five different recruiting companies.

The new app is part of the Social Jobs Partnership (SJP), an initiative Facebook started last year with a handful of public agencies to better use social media to help people find work.

"Facebook is all about connecting people and we're thrilled to see developers leveraging our platform to connect job seekers and prospective employers," Marne Levine, Facebook's Vice President for Global Public Policy, said in a statement.

Basically, the new app works as an aggregator of job openings from other job search companies, including Monster, BranchOut, DirectEmployers Association, Work4Labs and Jobvite.

The launch of the new application comes as shares of the professional social network LinkedIn took a hit.

LinkedIn shares took more than a three percent hit after Facebook made its announcement and closed down about half a percent to $98.77.

While Facebook isn't profiting directly from the new app, LinkedIn investors may still be concerned that Facebook's reach to its one billion users may hurt LinkedIn's business.

According to a survey conducted by the SJP, which includes public agencies like the U.S. Department of Labor, the National Association of Colleges and Employers (NACE) and the DirectEmployers Association, 50 percent of employers say they use Facebook in their hiring process.