Did Pinterest Just Find Its Own Instagram?
Shares of image-browsing platform Pinterest (NYSE: PINS) reached all-time highs over a year ago but have cratered over 70% since then. With 433 million monthly active users, many investors were once excited by its growth prospects, comparing its relatively small user base to that of Meta Platforms (NASDAQ: META). Disappointingly, however, Pinterest's user growth has declined for over a year.
But Pinterest may have an underappreciated card up its sleeve -- and it could fuel the company's growth like Instagram did Meta Platforms.
In July, Pinterest launched a new app called Shuffles. The soft launch was confirmed to TechCrunch by a Pinterest spokesperson. Right now, you can only download Shuffles onto an iOS device via an invitation. However, according to third-party analytics group data.ai, Shuffles has already enjoyed time at the top of the download charts for its Lifestyle category despite the limitations -- an impressive start.
Source Fool.com
