Pinterest beats quarterly sales estimates

(Reuters) – Image-sharing company Pinterest Inc beat Wall Street estimates for third-quarter revenue on Wednesday, helped by a rebound in spending on advertisement by businesses after a deep slump in the early months of the COVID-19 pandemic.

The company’s monthly active users jumped 37% to 442 million during the third quarter, as more individuals turned to the social network to stay connected and entertained during the pandemic.

The company said it grew its active advertiser base, and noted demand was broad based, as businesses increasingly adapt to the post-pandemic environment.

Revenue in the United States, the company’s largest market, jumped 49% to $374 million.

Pinterest’s total revenue soared 58% to $443 million, well ahead of analysts’ average estimate of $383.5 million, according to IBES data from Refinitiv.

(Reporting by Munsif Vengattil; Editing by Maju Samuel)