Facebook doesn’t break out revenues for Instagram when publishing its financial results – just like Alphabet doesn’t give standalone figures for YouTube. That leaves a gap for analysts to fill with their own estimates. One, Jefferies, has put out a figure for Instagram.
“We believe that Instagram is a material driver for growth in ’19 and can grow 60%+ supporting core FB which could decelerate below 20%+ growth for the first time,” the company suggested, in a note to clients. “Instagram continues to drive growth and we think could add an incremental $5B in ’19” to revenue, to north of $14 billion”. That’s annual revenues this year, by the way. “We see upside to pricing, users, and impressions as Instagram continues to improve its advertising efforts across the entire advertising funnel…”