Pinterest stock soars 23% as the social media platform garners 442 million global monthly active users

Pinterest stock soars 23% as the social media platform garners 442 million global monthly active users
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Photo sharing social media platform Pinterest has reached 442 million global Monthly Active Users (MAUs), a 37 per cent increase (year over year).

The Q3 revenue grew 58 per cent to $443 million while net loss was $94 million for Q3, the company said in a statement late on Wednesday.

Average revenue per user was up 15 per cent to $1.03.

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"More than ever before, people are coming to Pinterest to get inspiration for their lives -- everything from planning early for a socially distant Halloween to creating great home schools for their kids," said Ben Silbermann, CEO and co-founder, Pinterest.

"Our top priority is to continue making Pinterest home to the most inspiring and actionable content."

The stocks jumped 23.8 per cent after Pinterest beat analyst expectations with its Q3 earnings.

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"We're extremely pleased with the broad based strength of our business, driven by recovering advertiser demand as well as positive returns from our investments in advertiser products and international expansion," said Todd Morgenfeld, CFO and Head of Business Operations, Pinterest.

The company's current expectation is that Q4 revenue will grow around 60 per cent year over year.

"We continue to navigate uncertainty given the ongoing COVID-19 pandemic and other factors," it said.

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