DJ Pinterest Swings to 4Q Profit As Revenues Rise on User Growth
By Kimberly Chin
Pinterest Inc. recorded strong revenue growth in the fourth quarter as the pandemic continues to drive users and advertisers to its platform.
The online image-sharing company swung to a profit of $208 million, from a loss of $36 million in the year-earlier quarter. Its per-share profit was 30 cents a share. Excluding stock-based compensation, amortization and other costs, Pinterest had earnings of 43 cents a share, topping analysts' expectations of a profit of 34 cents a share, per a FactSet poll.
Overall revenue surged 76% over the year to $706 million driven by the holiday season and product improvements that helped advertisers maximize their budgets and get more conversions, the company said. Analysts on average were targeting revenue around $645.7 million.
U.S. revenue climbed 67% from a year earlier to $582 million while international revenue increased 17% to $123 million.
Pinterest had global monthly active users of 459 million, increasing 37% from last year.
"We continued to see users engaging and finding inspiration on Pinterest as the world continued to grapple with Covid-19," Pinterest said in a letter.
Pinterest expects first-quarter revenue to increase in the low-70% range year-over-year.
Write to Kimberly Chin at email@example.com
(END) Dow Jones Newswires
February 04, 2021 16:05 ET (21:05 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.