Market Overview

Facebook Pulls Down Its Pinterest-Like App 'Hobbi'

Facebook Pulls Down Its Pinterest-Like App 'Hobbi'

Facebook Inc. (NASDAQ: FB) will discontinue its Hobbi app from July 10, TechCrunch reported Tuesday.

What Happened

The app, developed by the social media company's New Product Experimentation team, lets users organize and share short-form content around their personal hobbies and interests.

Hobbi became available in the United States in February this year. The app has only managed to amass 7,000 downloads since then, according to the estimates from a research analysis firm Sensor Tower reported by TechCrunch.

Pinterest Inc. (NYSE: PINS) shares dropped at the time of the U.S. launch on speculations that the short-lived Facebook app will provide direct competition.

TechCrunch described Hobbi as a "fairly bare bones app," saying it failed to do much beyond letting users document their own projects.

At the time of the launch of the NPE research & development team in July last year, Facebook had said that the experimental apps will "change very rapidly and will be shut down if we learn that they're not useful to people."

Price Action

Facebook shares closed 2.9% higher at $227.07 on Tuesday. The shares traded 0.6% lower in the after-hours session at $225.70.

Image: Apple Store 


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