Pinterest Inc. capped off a roaring 2020 by adding more than 100 million users for the year and posting 76% year-over-year growth in fourth-quarter revenue, the company said Thursday.
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The online-pinboard company, which said it now has 459 million global monthly active users, reported fourth-quarter net income of $207.8 million, or 30 cents a share, compared with a loss of $35.7 million, or 6 cents a share, in the year-ago period. Adjusted earnings were 43 cents a share, adjusted for stock-based compensation and more. Revenue rose to $705.6 million from $399.9 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 34 cents a share on revenue of $645.7 million.
In the company’s news release, Chief Financial Officer Todd Morgenfeld attributed a “remarkable year of growth” to “continued product innovation, execution and an earlier and longer holiday season.”
For the full year, the company had a loss of 22 cents a share on revenue of $1.69 billion. Analysts had forecast a loss of 35 cents a share on $1.6 billion in revenue.
Shares of Pinterest have risen 17% year-to-date (and are up 245% in the past 52 weeks), compared with a 2% increase in the S&P 500 index SPX,
