US Markets

Pinterest beats quarterly sales estimates, shares jump 15%

Credit: REUTERS/BRENDAN MCDERMID

Image-sharing company Pinterest Inc beat Wall Street estimates for third-quarter revenue on Wednesday, helped by a rebound in spending on advertisement by businesses after a deep slump in the early months of the COVID-19 pandemic.

Adds share move, third-quarter details

Oct 28 (Reuters) - Image-sharing company Pinterest Inc PINS.N beat Wall Street estimates for third-quarter revenue on Wednesday, helped by a rebound in spending on advertisement by businesses after a deep slump in the early months of the COVID-19 pandemic.

Shares of the company were up 15% in extended trading.

Monthly active users jumped 37% to 442 million during the third quarter, as more individuals turned to the social network to stay connected and entertained during the pandemic.

Pinterest generates revenue by placing advertisements next to the Pins, or posts, uploaded on the site by users.

The company said it grew active advertiser base, and noted demand was broad based, as businesses increasingly adapt to the post-pandemic environment.

Revenue in the United States, the company's largest market, jumped 49% to $374 million.

It reported average revenue of $1.03 per user, above FactSet estimates of 90 cents.

Pinterest's total revenue soared 58% to $443 million, well ahead of analysts' average estimate of $383.5 million, according to IBES data from Refinitiv.

(Reporting by Munsif Vengattil; Editing by Maju Samuel)

((munsif.vengattil@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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