Pinterest recently shared its performance update that shows
a noticeable increase in its revenue, as well as steady growth in terms of
usage of the platform. The company has managed to add 124 million new users
overall.
When compared to the previous quarter, Pinterest has been
able to maintain its growth momentum, which highlights its continuous progress.
Moreover, internationally, the platform has grown by 46%. More specifically,
Pinterest’s growth relies mostly on its users in the US, but the company is
still trying to adequately monetize its international audience.
As compared to the growth statistics of social media
companies like Snapchat, Twitter, and Facebook, Pinterest has been able to
accomplish significant growth, hence indicating the platform’s increasing
utility. In terms of revenue, the company has brought in $706 million in the
fourth quarter, which is an increase of 76% year over year compared to the
fourth quarter of 2019.
The overall performance results of Pinterest show the
company’s growing connection to eCommerce, which saw a massive increase in the
past year. Among the key features that Pinterest introduced in 2020 were its
Shop tab and Story Pins, and the company is working on focusing more on these
features this year.
In conclusion, Pinterest’s expanded revenue opportunities
and connection to online shopping indicate a good future for the company in
terms of development and opportunity.
