Pinterest CEO Ben Silbermann. Photo credit: Eóin Noonan/Web Summit via Sportsfile, under Creative Commons license

Pinterest has announced its financial results for the second quarter of this year, indicating $272 million in revenues, up 4% year-over-year, and losses of $101 million. During the quarter, the number of monthly active users of its service grew 39% year-over-year to 416 million. Pinterest’s quarterly loss grew 91% year-over-year, buoyed by the coronavirus pandemic which has led to widespread advertising cuts by companies. Out of the $272 million in revenue, $232 million came from the U.S. while the rest came from foreign countries.

“By all accounts, this was a challenging quarter as COVID-19 continued to spread. I’m pleased with the way we responded and remained engaged with our advertising partners,” Todd Morgenfeld, Pinterest’s CFO, said in a press statement. “It has been encouraging to see the recovery in our business over the past few months, but there is still a tremendous amount of uncertainty and work to be done.”