Economy Pinterest drops nearly 5% on reports from Facebook that...

Pinterest drops nearly 5% on reports from Facebook that publish rival app

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<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The shares of Pinterest Inc. (NYSE: PINS) fell in stores on Thursday as The Information reported this social media giant Facebook Inc. (NASDAQ: FB) had launched a competing app. “data-reactid =” 18 “> The shares of Pinterest Inc. (NYSE: PINS) fell in stores on Thursday when The Information reported that social media giant Facebook Inc. (NASDAQ: FB) had launched a competing app.

What happened

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The Facebook team" New Product Experimentation "has the app developed called "Hobbi", which allows users to organize their photos in "visual collections" description The Data reported on Thursday on the App Store. “data-reactid =” 20 “> The Facebook team” New Product Experimentation “developed the” Hobbi “app, with which users can organize their photos as described in” visual collections “. The information on Thursday reported in the App Store.

The NPE team was founded by Facebook last July with the aim of developing useful applications for consumers. Facebook had said the team would be working on many projects and discarding those that consumers don’t find useful.

The Hobbi app was first made available in Colombia, Belgium, Spain and Ukraine, according to CNBC, but recently in the United States.

No rival to Pinterest

A Pinterest spokesman told CNBC that Hobbi was a different product than Pinterest.

“At first glance, Hobbi appears to be a photo storage app that lacks Pinterest’s findability, search, and recommendations,” the company said in a statement to CNBC.

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“As described in the App Store, it should help you document your activities and remember what has to do with the past, while Pinterest is about discovering ideas and inspiring action for the future.”

TechCrunch. In addition, Hobbi does not have a social media element like Pinterest, but is a photo organizer “that should help hobbyists organize photos of their own projects in themed collections”.

Price action

Pinterest shares closed Thursday at 1.67% at $ 23.54. The stock extended losses at the after-hours session by 2.97% to trade at $ 22.84.

<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "More from Benzinga“data-reactid =” 30 “>More from Benzinga

<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "© 2020 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.“data-reactid =” 35 “>© 2020 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.

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