Pinterest Overtakes Snapchat as Third-Biggest Social Media App By

© Reuters.

© Reuters.

By Yasin Ebrahim – Pinterest (NYSE:) may not draw the level of fanfare as its more illustrious social media peers like Facebook (NASDAQ:), but the online scrapbook company surged on Tuesday as data showed it has surpassed Snapchat as the third-biggest social media platform.

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.

Pinterest stock surged 10%

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.

“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.

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:) 86.1 million.

Advertisers are beginning to take taking notice.

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.

For 2019, Pinterest (NYSE:) 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.

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