Pinterest's Revenue Soars as Pandemic Boosts Engagement
October 28 2020 - 4:36PM
Dow Jones News
By Sarah E. Needleman
Pinterest Inc. posted strong revenue and user growth in the
third quarter, as the social-media company saw significantly
greater pandemic-fueled engagement than it did in the spring and
said it benefited from an advertiser boycott at Facebook Inc.
The image-sharing company that makes money exclusively through
advertising sales said revenue rose 58% from a year earlier to $443
million, compared with 4% growth in the second quarter. Analysts
surveyed by FactSet expected sales of $383 million.
An advertiser boycott against Facebook over the summer helped
Pinterest, the company said. But it added that it isn't clear how
long that trend will last, particularly after the U.S. presidential
election takes place. Facebook and Twitter Inc. report
third-quarter results Thursday.
Write to Sarah E. Needleman at sarah.needleman@wsj.com
(END) Dow Jones Newswires
October 28, 2020 16:21 ET (20:21 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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