Pinterest beats revenue estimates on ad spend recovery By Reuters

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© Reuters. Displays display the Pinterest Inc. company logo during the company’s IPO on the front of the New York Stock Exchange in New York

(Reuters) – Image-sharing company Pinterest (NYSE 🙂 Inc beat Wall Street estimates for quarterly revenue on Thursday, benefiting from strong publicity from e-commerce retailers during the holiday season. Ad spend has recovered from a slump during the first months of the COVID-19 pandemic, as retailers turn to the web to attract non-home customers, boosting revenue for companies like Alphabet (NASDAQ: ) Inc, Google and Facebook Inc (NASDAQ :). The shift to virtual interactions has also increased engagement on social media platforms, with Pinterest’s monthly active users increasing 37% to 459 million in the fourth quarter. “We welcomed more than 100 million additional monthly active users to Pinterest in 2020, more than any other year in our history,” said CEO and co-founder Ben Silbermann in a statement. Revenue for Pinterest from the United States, its largest market, increased 67% to $ 582 million. Total revenue soared 76% to $ 706 million, beating analyst estimates of $ 645.6 million, according to Refinitiv IBES data.

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