Home Technology Pinterest hits 442mn users, shares jump 23%

Pinterest hits 442mn users, shares jump 23%

Photo sharing social media platform Pinterest has reached 442 million global Monthly Active Users (MAUs), a 37 percent increase (year over year).

The Q3 revenue grew 58 percent to $443 million while net loss was $94 million for Q3, the company said in a statement late on Wednesday.

The average revenue per user was up 15 percent to $1.03.

“More than ever before, people are coming to Pinterest to get inspiration for their lives — everything from planning early for a socially distant Halloween to creating great home schools for their kids,” said Ben Silbermann, CEO, and co-founder, Pinterest.

“Our top priority is to continue making Pinterest home to the most inspiring and actionable content.”

The stocks jumped 23.8 percent after Pinterest beat analyst expectations with its Q3 earnings.

“We’re extremely pleased with the broad-based strength of our business, driven by recovering advertiser demand as well as positive returns from our investments in advertiser products and international expansion,” said Todd Morgenfeld, CFO and Head of Business Operations, Pinterest.

The company’s current expectation is that Q4 revenue will grow around 60 percent year over year.

“We continue to navigate uncertainty given the ongoing COVID-19 pandemic and other factors,” it said.

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