Image-sharing company Pinterest Inc beat Wall Street estimates for quarterly revenue on Thursday, benefiting from heavy advertising by e-commerce retailers during the holiday season.
Ad spending has rebounded from a slump during the early months of the COVID-19 pandemic as retailers turn to the web to attract home-bound customers, boosting revenues of companies such as Alphabet Inc’s Google and Facebook Inc.
The shift to virtual interactions has also increased engagement on social media platforms, with Pinterest’s monthly active users jumping 37 percent to 459 million in the fourth quarter.
“We welcomed over 100 million additional monthly active users to Pinterest in 2020, more than any other year in our history,” Chief Executive Officer and co-founder Ben Silbermann said in a statement.
Pinterest’s revenue from the United States, its biggest market, surged 67 percent to $582 million.
Total revenue soared 76 percent to $706 million, beating analysts’ estimates of $645.6 million, according to Refinitiv IBES data.
By Munsif Vengattil