Pinterest Guides for Accelerated Revenue Growth
Pinterest (NYSE: PINS) reported third-quarter earnings after the market closed on Wednesday. The company reported revenue growth of 58% year over year -- a sharp acceleration from the mere 4% growth it reported in the second quarter. But Pinterest management believes its business is still speeding up. For the fourth quarter of 2020, management is guiding for 60% year-over-year revenue growth.
Last quarter, Pinterest was hurt by the COVID-19 pandemic. The company's revenue is generated by advertising, and advertisers cut back on spending in the early days of the coronavirus shutdowns. However, Pinterest's business was already improving by July. Management noted that through July 29, Q3 revenue was up 50%.
Image source: Getty Images.
Source Fool.com
