Pinterest Reports Strong Revenue as Ad Demand Rebounds
- Company says monthly users increased 37% to 442 million
- Fourth-quarter sales projected to increase 60% from a year ago
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Pinterest Inc. reported quarterly sales that topped analysts’ estimates after advertiser demand bounced back from budget cuts seen during the initial outbreak of Covid-19. The shares surged.
Third-quarter revenue jumped 58% to $443 million, the digital search and scrapbooking company said Wednesday in a statement. Analysts, on average, projected $387.8 million, according to data compiled by Bloomberg. The company also predicted that sales would increase about 60% in the holiday quarter, which would be higher than analysts’ projections of 38% growth.