Pinterest announced a revenue increase of 46% for the fourth quarter of 2019 to $400 million. The results topped analyst expectations. Full-year revenues reached $1.14 billion for the first time, representing a rise of 51% year-on-year.
At the same time, the company announced that its monthly active users had grown 26% to 335 million.
“A strong Q4 marked the end of a year where we improved the foundation of the Pinterest app with more inspiring recommendations, faster performance and improved shopping experiences,” explained Ben Silbermann, Pinterest CEO and co-founder.
“In 2020, we continue to pursue our goal of making Pinterest the internet’s home for inspiration by focusing on delivering relevant content, ads and shopping experiences so Pinners can easily go from inspiration to action.”
Pinterest’s results are bolstered by solid innovation in its products and advertising technologies. The company has been working relentlessly to expand options for brands and eCommerce retailers to reach consumers on the platform.
“Advertisers using Scope by 4C in both Q4 2019 and Q4 2018 increased their spend by nearly 50 per cent on Pinterest,” said Aaron Goldman, CMO, at marketing technology company 4C Insights.
“While brands in the retail and packaged goods categories have been prevalent on Pinterest for years, we’re starting to see much more adoption from advertisers in categories like travel, financial services, entertainment, and automotive. As a scaled, closed ecosystem, Pinterest stands out for its ability to provide precise targeting at key moments of inspiration.”