Ben Silbermann, CEO, Pinterest. Photo credit: TechCrunch, licensed under CC BY 2.0

Social bookmarking app Pinterest has posted its financial results for the third quarter of this year, showing revenue of $442.6 million, up 58% year-over-year, as advertising spend rebounds following a steep decline in the early months of the coronavirus pandemic. For comparison, Pinterest reported $274.5 million in revenue in this year’s second quarter and marked a yearly growth of just 4%.

During the third quarter, Pinterest incurred a net loss of $94 million, slightly down from $101 million in the preceding quarter. The company’s monthly active users count grew 37% to 442 million during the quarter.

Posting strong revenues, Pinterest’s stock shot up 15% during extended trading on Wednesday.

For the next quarter, Pinterest projects a 60% year-over-year revenue growth.

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