Pinterest’s share price climbed more than 15% after office hours on Wednesday as the company posted strong revenue and user growth in its third quarter results
The strong growth in Pinterest users was fueled by the adoption of international users The company’s international MAUs were 343 million, up 46% year-on-year The company has said the release of iOS 14 also fueled user growth, as around 4 million people used Pinterest « as inspiration for custom background filters »
Pinterest reported that demand from advertisers was high in the third quarter as companies embraced the post-Covid environment
Additionally, the company said it saw an increase in spending from advertisers who boycotted social media.This is a reference to the StopHateForProfit ad boycott on Facebook, in which more than 1,000 advertisers suspended their ads on the network. social during the month of July to boycott the company’s policies on hate speech and disinformation This echoes a similar rise from Snap, which released its third quarter results last week Pinterest, however, warned that it is not clear « to what extent this trend will be sustainable »
The company also said it expects fourth-quarter revenue growth of around 60% year-over-year, but Pinterest has warned it continues to navigate uncertainty given the pandemic
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News from around the world – CA – Pinterest title soars thanks to high revenue rate and high number of users
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