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.