Pinterest CEO Ben Silbermann. Photo credit: Pinterest

Social media company Pinterest has released its financial results for the first quarter of 2020, indicating $272 million in revenue, up 35% from the same period last year. Pinterest’s user base also grew 26% year-over-year to 367 million. The company, however, reported $141 million in quarterly losses, up more than 200% year-over-year. Out of the $272 million revenue, $237 million came from the U.S. while the remaining came from other countries. Pinterest’s international revenue grew by 136% year-over-year.

In the middle of a coronavirus pandemic that has had widespread impact on technology businesses, Pinterest declined to provide revenue guidance for this year. The company also says it expects its operating expenses to grow in the second quarter of this year albeit at a slower pace compared to the first quarter. Pinterest isn’t profitable, but, however, reports having $1.7 billion in cash and cash equivalents plus a $500 million credit facility, entailing it has sufficient money to help weather through losses.

“We began 2020 on strong footing. The spread of COVID-19 has certainly had an impact on our business and the businesses of our advertisers, but we remain optimistic about the future,” Pinterest CFO Todd Morgenfeld said in a statement. “While we’ve been adapting to the current environment, we will continue to invest in our strategic priorities of content, ads diversification, use case expansion and shopping,” he said.