Instagram tops 300 million users, pulling ahead of Twitter

Social networking site Instagram has reached an impressive milestone, surpassing 300 million monthly active users. Those users post 70 million photos per day and help share 2.5 billion daily "likes" while interacting with the website. Facebook purchased Instagram in 2012 for $1 billion, and has been able to help the site grow even further - especially helping the service steadily grow outside the United States.

"We're seeing a lot of people coming in the fashion world, a lot of people coming in, in the youthful teens world, and a lot of people internationally as well," said Kevin Systrom, Instagram CEO, in a statement to CNBC.

Facebook has done a good job of bringing advertisers onboard, and Instagram should be able to utilize the experience to further monetize. Instagram first rolled out advertising about six months ago, and while Facebook keeps Instagram's revenue figures private, it would appear the sky is the limit.