Pinterest Posts Strong Q3 Results
- October 28, 2020
- 4 minutes read
|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.