Pinterest revenues rose 76% year-on-year to $706 million during Q4 2020.
The increase was driven by strong ad revenues and the expansion of the platform’s eCommerce and shopping options.
Demand was particularly high during the holiday season.
“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,” Ben Silbermann, CEO and cofounder, Pinterest said in a statement.
The popular hobby platform also added 100 million new monthly active users in 2020, which is higher than any other year before.
Pinterest now boasts some 459 million monthly active users, an increase of 37%.
“Pinterest’s stellar Q4 earnings underscore the discovery platform’s growing traction with brands looking for alternatives to Facebook and Google,” said Andrew Lipsman, eMarketer principal analyst at Insider Intelligence.
“The business is firing on all cylinders, with users and monetization in US and international markets posting strong gains in the holiday quarter. It looks increasingly likely that Pinterest’s pandemic bump will be sustained into the future.”
Going forward, Pinterest plans to invest heavily into its shopping features, augmented reality and automation functions.