Pinterest announced its quarterly results, beating estimates and providing some good news for the advertising business.
Pinterest reported quarterly revenue of $443 million, an increase of 58% year-over-year (YOY). Similarly, Global Monthly Active Users (MAUs) increased 37% YOY to 442 million.
“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. This quarter we launched a set of tools to empower creators to show and share their ideas with people who are ready to act.”
Just as telling, however, is the projections moving forward. Based on a rebound in advertising, the company expects an increase in Q4 revenue of roughly 60%.
“The strong momentum our business experienced in July continued throughout the rest of the third quarter. 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.
Pinterest’s results are good news for the online advertising sector, as it’s one indication of a recovery in the industry in general.