Like other online platforms, Pinterest reaped the benefits of an uptick in e-commerce advertising during the holiday season.
The image-sharing platform saw a 76 percent year-over-year jump in fourth-quarter revenue, to $706 million from $400 million.
Total revenue grew 48% more than 2019 to $1693 million from $1143
million.
Net income increased hugely 682% year-over-year jumped to $207 million
from just $36 million.
Pinterest had 459 global million monthly active users (MAUs) in the
fourth quarter, grew 37% over year-over-year and up from 442 million in its
third quarter.
“We welcomed over 100 million additional monthly active users to
Pinterest in 2020, more than any other year in our history, and now we reach
more than 450 million monthly active users around the world. I’m proud of our
company and the inspiration we’ve been able to bring to so many lives during a
trying year,” said Ben Silbermann, CEO, and co-founder, Pinterest. “As we look
to the future, our focus will continue to be delivering more inspiring and
shoppable content and helping advertisers realize the value and positivity of our
platform.” He added.
“Q4 capped a remarkable year of growth for Pinterest. Continued product
innovation, execution, and an earlier and longer holiday season helped us
deliver 76% year-over-year revenue growth,” said Todd Morgenfeld, CFO and Head
of Business Operations, Pinterest. “As we start 2021, we'll be building on this
momentum by continuing to invest in the success of our advertisers as well as a
first-class Pinner experience around the globe.”
Pinterest shares were up more than 10 percent in after-market trading.
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