Pinterest Now No. 3 Social Network as User Count Tops Snapchat: Report

Research firm eMarketer estimates Pinterest's user-base lead over Snapchat will continue to grow through 2023.
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Pinterest  (PINS) - Get Report shares jumped after a report showed that it surpassed Snapchat  (SNAP) - Get Report as the third-largest social media service in the U.S.

A survey by research firm eMarketer showed Pinterest had 82.4 million users last year, 2.7% more than the 80.2 million for Snapchat. 

In 2018 Snapchat led 75.8 million to Pinterest’s 75.5 million.

And the study forecasts that the lead will widen this year, estimating 86 million users for Pinterest against 83.1 million for Snapchat, a difference of 3.5%. The spread will continue to grow through 2023, eMarketer forecasts.

EMarketer ranks Facebook and its Instagram division as Nos. 1 and 2. Following are Pinterest, Snapchat, Twitter and Tumblr.

“While Snapchat has a young core audience that it caters to, Pinterest has a more universal appeal, and it has made significant gains in a wide range of age groups,” eMarketer forecasting analyst Nazmul Islam said in a statement.

Of U.S. social-network participants this year, 41.1% use Pinterest compared with 39.7% using Snapchat, according to the report. It forecasts that number will rise slightly for Pinterest next year and stay the same for Snapchat.

An eMarketer report in December listed Facebook  (FB) - Get Report, Instagram, Snapchat and Twitter  (TWTR) - Get Report as the world's most widely used social-media platforms.

Morningstar analyst Ali Mogharabi praised Pinterest in reports last year. “While we don't expect Pinterest to displace online advertising behemoths Google  (GOOGL) - Get Report and Facebook or up-and-coming Amazon  (AMZN) - Get Report, we do expect it to attract a small pinch of digital ad spending,” he said last April.

Mogharabi in October estimated fair value for Pinterest stock at $24.

Pinterest shares at last check traded up nearly 10% at $21.54.