Pinterest's (PINS) stock jumped nearly 28% in after-hours trading Wednesday following a major sales beat.
The social media company reported $443 million in revenue for the three months ended Sept. 30, up 58% from the same period in the prior year and well above Wall Street analysts' projected quarterly revenue of $383.5 million.
Pinterest has experienced a big boost from the coronavirus pandemic. On Wednesday, it reported a 37% jump in global monthly active users to 442 million, and a 15% increase in global average revenue per user during the quarter.
More than ever before, people are coming to Pinterest to get inspiration for their lives—everything from planning early for a socially distant Halloween to creating great home schools for their kids,” Pinterest CEO Ben Silbermann said in a statement.
The company is still working to achieve consistent profitability since going public last year, but analysts last month forecasted that Pinterest will post a small profit for 2020 and expect earnings to surge in 2021. The company on Wednesday reported a net loss of $94 million during the September quarter — a 24% improvement from the net loss it posted during the same period in the prior year.