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FriYay
2021-02-05

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Pinterest Revenue Jumps Thanks to Strong Holiday Season

(Bloomberg) -- Pinterest Inc. reported quarterly sales that topped analysts’ estimates on a holiday

Pinterest Revenue Jumps Thanks to Strong Holiday Season

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Shares gained about 8% in extended trading after the results were announced.</p>\n<p>Fourth-quarter revenue jumped 76% to $706 million, the San Francisco-based digital scrapbooking and search company said Thursday in a statement. That was better than analysts’ average projection of $646 million, according to data compiled by Bloomberg.</p>\n<p>While the Covid-19 pandemic continues to force Pinterest to “navigate uncertainty,” the company estimated revenue will increase in the “low-70% range” in the period ending in March. That would top analysts’ projections of about a 60% revenue gain. Pinterest said it would provide further details on its outlook during a conference call to discuss the results.</p>\n<p>Pinterest has seen its advertising business grow steadily in recent months as advertisers turned to the internet due to the pandemic. The company said it experienced good turnout from small- and medium-sized businesses in the fourth quarter, including in categories like consumer-packaged goods and retail.</p>\n<p>The company said it has 459 million monthly users, up 37% from a year earlier. Analysts, on average, estimated about 448 million users.</p>\n<p>Profit, excluding some items, was 43 cents a share, topping the average estimate of 33 cents.</p>\n<p>Pinterest shares reached a high of $88.38 in extended trading after closing at $77.84 in New York. 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The company said it experienced good turnout from small- and medium-sized businesses in the fourth quarter, including in categories like consumer-packaged goods and retail.\nThe company said it has 459 million monthly users, up 37% from a year earlier. Analysts, on average, estimated about 448 million users.\nProfit, excluding some items, was 43 cents a share, topping the average estimate of 33 cents.\nPinterest shares reached a high of $88.38 in extended trading after closing at $77.84 in New York. 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