Pinterest, Inc. (NYSE: PINS) has reported its third-quarter 2020 results for the quarter ended September 30, 2020. Its Q3 revenue was $443 million, increases 58% year over year. Pinterest has reported a net loss of 24%, reached $(94) million. The company revealed that its Global Monthly users (MAUs) have increased by 37% Y/Y to 442 million and its Adjusted EBITDA was $93 million.
San-Francisco based company reported that users are turning towards Pinterest to get new ideas for making great home schools for their children and to get inspiration for their lives. The company is striving to make its platform home to inspiring content. The company has shown a strong performance in July and continued its performance in the remaining third quarter.
Pinterest, Inc. (NYSE: PINS) shares were trading up 35.90% at $66.93 at the time of writing on Thursday. Pinterest, Inc. (PINS) share price went from a low point around $10.10 to briefly over $53.87 in the past 52 weeks. It has moved up 562.67% from its 52-weeks low and moved up 24.24% from its 52-weeks high. PINS market cap has remained high, hitting $28.36 Billion at the time of writing.
Pinterest has also provided a financial outlook for the fourth quarter of 2020. It is anticipating that the Q4 revenue will increase around 60% year over year, a moderate increase compared to our growth rate in Q3. The company will continue to navigate uncertainty given the ongoing COVID-19 pandemic and other factors.
Previously, Pinterest has selected former Executive Vice President of Programming and Strategy at Disney’s ABC Family and Freeform and former President of Comcast NBCUniversal’s Style Media, Salaam Coleman Smith, to its Board of Directors, starting October 31, 2020. Salaam has a Bachelor’s degree in Science in Industrial Engineering Stanford University graduate