Pinterest adds 100 million users in 2020, fourth quarter revenue grows 76%

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Pinterest Inc. capped off a roaring 2020 adding more than 100 million users during the year and posting 76% year-on-year growth in fourth-quarter revenue, the company said Thursday. Pinterest PINS, + 0.91% shares rose sharply to 10% after hours, after rising 0.9% in the regular session to close at $ 77.85.

The online bulletin board company, which said it now has 459 million monthly active users globally, reported fourth-quarter net income of $ 207.8 million, or 30 cents a share, compared to a loss of $ 35.7 million, or 6 cents per share, in the period of one year ago. Adjusted earnings were 43 cents a share, adjusted for share-based compensation and more. Revenues increased to $ 705.6 million from $ 399.9 million in the prior year quarter. Analysts surveyed by FactSet had forecast earnings of 34 cents a share on revenue of $ 645.7 million. In the company’s press release, Chief Financial Officer Todd Morgenfeld attributed a “remarkable year of growth” to “continued product innovation, execution and an earlier and longer holiday season.” For the full year, the company had a loss of 22 cents a share on revenue of $ 1.69 billion. Analysts had forecast a loss of 35 cents a share on $ 1.6 billion in revenue. Pinterest shares are up 17% year-to-date (and are up 245% in the last 52 weeks), compared to a 2% rise in the S&P 500 SPX index, + 1.09% in so far this year.