Pinterest Soars After Report Shows U.S. Users Eclipsing Snapchat
- Company now has No. 3 social media platform in U.S.: eMarketer
- Shares rose as much as 13% on Tuesday before paring gains
Photographer: Gabby Jones/Bloomberg
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Pinterest Inc. shares rose as much as 13% on Tuesday after a report showed it beat out Snap Inc.’s Snapchat to become the third-biggest social media platform in the U.S.
Pinterest had an estimated 82.4 million U.S. users in 2019, a 7.4% gain from the previous year, while Snapchat had 80.2 million users, data tracker eMarketer estimated. Pinterest’s U.S. users are projected to rise 4.4% to 86 million in 2020, the firm said. Facebook and Instagram, both owned by Facebook Inc., hold the top two positions.