Home Technology Pinterest shares fall after Facebook releases new copycat app

Pinterest shares fall after Facebook releases new copycat app

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Pinterest CEO Ben Silbermann speaks in conversation with Matthew Lynley of TechCrunch during the TechCrunch Disrupt SF 2017 on September 18, 2017 in San Francisco, California.

Justin Sullivan | Getty Images News | Getty Images

Pinterest shares slid more than 4% in after-hours trading on Thursday after news broke that Facebook has released a competing app.

The new app is called Hobbi and was released in Colombia, Belgium, Spain and the Ukraine, according to The Information, which was the first to spot the new Facebook product.

“Organize your photos into visual collections and see the progress you’re making over time,” reads the app’s description.

Though Hobbi has thus far had a limited release, its features would make it a direct competitor to Pinterest, which is a social media network to sharing photos and other material organized by topic.

Hobbi was developed by Facebook’s New Product Experimentation team, a unit launched by the company in July to develop consumer-focused apps.



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