Facebook’s Copycat App Hobbi Isn’t a Threat to Pinterest -- It’s a Vote of Confidence
Pinterest's (NYSE: PINS) stock recently dipped after Facebook (NASDAQ: FB) rolled out Hobbi, a similar app for curating photos of interests and activities. The app was developed by Facebook's NPE (New Product Experimentation) team, which was established last year to create experimental apps.
Facebook's attempt to clone Pinterest isn't surprising, since the virtual pinboard app's monthly active users (MAUs) grew 26% annually to 335 million last quarter. By comparison, Facebook's MAUs rose just 8% to 2.5 billion in its most recent quarter. Facebook and Pinterest also generate most of their user growth in overseas markets.
Image source: Facebook NPE.
Source Fool.com
