Growth in revenue credited to advertising and shopping capabilities on the platform.
Pinterest has reported that its third-quarter revenue grew to $633 million, recording a 43% YoY increase. Similarly, the California-headquartered company's stock rose by 6% in extended trading after closing. The stock has since stabilised.
The platform's revenue has grown primarily because of investments in the Pinner experiences, advertising opportunities and shopping. Pinterest also updated its shopping capabilities with the live-shopping feature.
The platform's monthly active users in the US stood at 89 million, which recorded a dip of 9% since Q4 2020. At 447 million, global monthly active users also saw a 2.6% decrease since last year.
[1 minute read]
