Instagram worth US$35b, 84% over Citi's prior gauge

New York

INSTAGRAM, the photo-sharing app owned by Facebook Inc, is worth US$35 billion, almost double its previous valuation, according to an analyst.

Instagram's faster-than-expected user growth and increased revenue from advertising mean the company is valued at more than the US$19 billion previously estimated, Mark May, an analyst with Citigroup Inc, said in a note.