July 30, 2021
Pinterest On Thursday, Inc reported second-quarter revenues exceeded Wall Street estimates as advertising spending by online retailers recovered in an economy recovering from a pandemic downturn.
According to Refinitiv’s IBES data, image-sharing companies’ total revenue in the fourth quarter more than doubled to $ 613 million, with analysts averaging $ 562.1 million.
Pinterest, Instagram, Snapchat and other shopping-enabled apps benefit from pandemics accelerating the transition to e-commerce. Companies are increasing their digital advertising budgets to reach consumers who spend more time online.
Digital pinboard sites that generate revenue by placing ads next to user-uploaded posts also said they expect third-quarter revenue to grow on a percentage basis in their late 40s.
However, Pinterest’s Monthly Active Users (MAU) is a widely-watched indicator of the level of user engagement with the platform, up 9% from 416 million last year to 454 million. It’s just that. Analysts estimated an average of 487.1 million.
The company said it would not provide guidance to the MAU because of the “lack of visibility” due to the pandemic.
As of July 27, US MAUs were down about 7% year-on-year and global MAUs were up about 5%, he said.
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Pinterest is outperforming quarterly earnings forecasts as advertising spend surges
Source link Pinterest is outperforming quarterly earnings forecasts as advertising spend surges