A study by research firm eMarketer suggests that teens are abandoning Facebook Inc. (FB) - Get Report for hipper alternatives like Snapchat (SNAP) - Get Report and Facebook-owned subsidiary Instagram, Recode reported Tuesday.
The study shows that Facebook's user base among 12- to 17-year-olds will shrink by 3.4% in the U.S in 2017, the first time the firm has predicted a decline for Facebook in any age group.
Additionally, eMarketer believes that Snapchat will have more 12- to 17-year-olds and 18- to 24-year-old categories by the end of the year for the first time.
Facebook shares were up 1% to $169.39 in midday trading Tuesday.
More of What's Trending on TheStreet:
- This Is Where McDonald's Is Closing a Lot of Restaurants
- Panera Bread's Founder Reveals Why Chain Is Putting Sugar Counts on Soda Cups
- Walmart Is Pulling Off a Surprising Feat in This Major Country
- Fort Knox Has a Mind-Blowing Amount of Gold Currently Hidden In Its Vaults