Pinterest shares surge as Q4 results and outlook top expectations, users soar 37%
Picture-sharing site Pinterest this afternoon reported Q4 revenue and profit that topped analysts' expectations, and forecast revenue this quarter higher as well.
Pinterest's total monthly active users rose by 37%, year over year, to 459 million.
The report sent the shares up by almost 7% in late trading to $82.80.
Said CEO Ben Silbermann, "I'm proud of our company and the inspiration we've been able to bring to so many lives during a trying year."
Added Silbermann, "We welcomed over 100 million additional monthly active users to Pinterest in 2020, more than any other year in our history, and now we reach more than 450 million monthly active users around the world.'
"As we look to the future, our focus will continue to be delivering more inspiring and shoppable content and helping advertisers realize the value and positivity of our platform," said Silbermann.
Revenue in the three months ended in December rose by 76%, year over year, to $705.6 million, yielding EPS of 43 cents.
Analysts had been modeling $646 million in revenue and 34 cents EPS.
CFO Todd Morgenfeld said the quarter was helped by both the company's execution and an "earlier and longer holiday season."
Added Morgenfeld, "As we start 2021, we'll be building on this momentum by continuing to invest in the success of our advertisers as well as a first-class Pinner experience around the globe."
For the current quarter, the company said that it is "continuing to navigate uncertainty given the ongoing COVID-19 pandemic and other factors," and so it didn't offer a specific dollar amount, but rather projected revenue to rise "in the low-70% range, year over year."
That would equate to approximately $462 million or more, which is nicely ahead of consensus for $431 million.