StockBeat: Pinterest Overtakes Snapchat as Third-Biggest Social Media App
Investing.com
Published Jan 14, 2020 18:57
Updated Jan 14, 2020 19:17
By Yasin Ebrahim
Get The App
Get The App
Investing.com – Pinterest (NYSE:PINS) may not draw the level of fanfare as its more illustrious social media peers like Facebook (NASDAQ:FB), but the online scrapbook company surged on Tuesday as data showed it has surpassed Snapchat as the third-biggest social media platform.
Get The App
Get The App
Pinterest saw 9.1% growth last year to 82.4 million users, surpassing Snapchat's 80.2 million users, according to data from eMarketer data.
Get The App
Pinterest stock surged 10%
Get The App
Get The App
Snapchat ceded position to Pinterest despite seeing a rebound in user growth last year in the wake of the successful launch of an Android app and new virtual reality filters.
Get The App
Get The App
“While Snapchat has a young core audience that it caters to, Pinterest has a more universal appeal, and it's made significant gains in a wide range of age groups,” eMarketer junior forecasting analyst Nazmul Islam said.
Get The App
Get The App
The trend will likely continue into the future, eMarketer suggested, estimating Pinterest to rack up 90.1 million users by 2022, above Snap's (NYSE:SNAP) 86.1 million.
Get The App
Advertisers are beginning to take taking notice.
Get The App
Get The App
Pinterest grew year-on-year sales 47% in the third quarter last year, above Facebook’s 28% ad sales growth and Google's 17%. But the online scrapbook company has yet to turn a profit.
Get The App
For 2019, Pinterest (NYSE:PINS) expects to report an adjusted loss in the range of $10 million and $30 million. It reported a third-quarter net loss of $124.7 million.
Get The App
Get The App
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.