Pinterest hits 300 million monthly active users globally | Tech News

Pinterest hits 300 million monthly active users globally

Pinterest’s 30% surge in active users were pushed by international and US growth along with a delayed Easter this year, the company said.

By: REUTERS
| Updated on: Aug 20 2022, 16:10 IST
Pinterest monthly active users.
Pinterest monthly active users. (Pinterest)

Pinterest Inc raised its full-year sales forecast and reported second-quarter revenue above Wall Street estimates on Thursday, as the online scrapbook company added more users, sending its shares up 12% in extended trading.

The company said monthly active users rose 30% in the quarter to 300 million globally, significantly above estimates, and the global average revenue per user surged 27.5% to 88 cents.

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"These numbers better demonstrate the strength of the Pinterest platform and fast adoption among both consumers and advertisers," said Colin Sebastian, an analyst at Baird Equity Research.

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The results were driven by a combination of international and U.S. growth and were also positively impacted by a delayed Easter this year, the company said.

"Pinterest has delivered exactly what investors were looking for," said James Cordwell, an analyst at Atlantic Equities.

The San Francisco, California-based company said it expects 2019 revenue between $1.095 billion and $1.115 billion, compared with its prior forecast of $1.055 billion to $1.08 billion.

Total revenue in the second quarter rose 62% to $261 million, above analysts' estimate of $235.5 million, according to IBES data from Refinitiv.

Shares of Pinterest, the most high-profile social media company to list in the United States since Snap Inc in 2017, have risen about 50% since initial public offering in April.

 

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First Published Date: 02 Aug, 13:35 IST
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