Pinterest Inc. reported quarterly sales that topped analysts’ estimates on a holiday shopping season that started earlier than expected and drove advertisers online due to the coronavirus. Shares gained about 8% in extended trading after the results were announced.
Fourth-quarter revenue jumped 76% to $706 million, the San Francisco-based digital scrapbooking and search company said Thursday in a statement. That was better than analysts’ average projection of $646 million, according to data compiled by Bloomberg.
While the Covid-19 pandemic continues to force Pinterest to “navigate uncertainty,” the company estimated revenue will increase in the “low-70% range” in the period ending in March. That would top analysts’ projections of about a 60% revenue gain. Pinterest said it would provide further details on its outlook during a conference call to discuss the results.