Ad Spend Boosts Pinterest’s Earnings

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Ad Spend Boosts Pinterest Earnings
Ad Spend Boosts Pinterest Earnings

Pinterest benefited this past quarter tremendously from increased ad spend by eCommerce retailers during the holiday season, enabling the social media platform to beat Wall Street’s quarterly revenue estimates.

“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.”

With consumers continuing to spend more time at home due to COVID-19 and brands looking for alternative methods to boost sales, ad spend ultimately rebounded as companies looked to convert web browsing activity into sales.

The shift to virtual interactions also helped the platform, with Pinterest witnessing an increase in monthly active users, jumping 37 percent to 459 million in the last quarter.

Pinterest’s revenue in its biggest market, the United States, surged 67 percent to $582 million. Total revenue skyrocketed a whopping 76 percent to $706 million, ultimately beating analysts’ estimates of $645.6 million, according to Refinitiv IBES data.

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