Pinterest, Inc. (NYSE: PINS) announced second quarter financial results. Revenue reached USD 272 Million, a 4% increase year over year. Global monthly active users increased 39% year over year to USD 416 Million. Pinterest reported GAAP net loss of USD 101 Million for the second quarter as adjusted EBITDA amounted to USD 34 Million.
“This quarter we reached a milestone—more than 400 million people now come to Pinterest every month to get and stay inspired,” said Ben Silbermann, CEO and co-founder, Pinterest. “In these tough times, we’re seeing more and more people rely on Pinterest to cook at home, plan kids activities and set up a home office. Businesses are helping them turn their ideas into reality as people are increasingly discovering and buying products on Pinterest.”
“By all accounts, this was a challenging quarter as COVID-19 continued to spread. I’m pleased with the way we responded and remained engaged with our advertising partners,” said Todd Morgenfeld, CFO and Head of Business Operations, Pinterest. “It has been encouraging to see the recovery in our business over the past few months, but there is still a tremendous amount of uncertainty and work to be done.”
The company has decided not to provide guidance expectations for revenue or adjusted EBITDA for full year 2020. Year over year revenue growth for July is expected to be 50% through July 29th.
Written by Andy Liao.
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