Pinterest beats quarterly sales estimates

Pinterest beats quarterly sales estimates

Image-sharing company Pinterest Inc beat Wall Street estimates for third-quarter revenue on Wednesday, helped by a rebound in spending on advertisement by businesses after a deep slump in the early months of the COVID-19 pandemic.

Screens display the company logo for Pinterest Inc. during the company's IPO on the front of t
FILE PHOTO: Screens display the company logo for Pinterest Inc. during the company's IPO on the front of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2019. REUTERS/Brendan McDermid

REUTERS: Image-sharing company Pinterest Inc beat Wall Street estimates for third-quarter revenue on Wednesday, helped by a rebound in spending on advertisement by businesses after a deep slump in the early months of the COVID-19 pandemic.

The company's monthly active users jumped 37per cent to 442 million during the third quarter, as more individuals turned to the social network to stay connected and entertained during the pandemic.

The company said it grew its active advertiser base, and noted demand was broad based, as businesses increasingly adapt to the post-pandemic environment. 

Revenue in the United States, the company's largest market, jumped 49per cent to US$374 million.

Pinterest's total revenue soared 58per cent to US$443 million, well ahead of analysts' average estimate of US$383.5 million, according to IBES data from Refinitiv.

(Reporting by Munsif Vengattil; Editing by Maju Samuel)

Source: Reuters

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