Pinterest revenues jump by 62% as users hit 300 million

The US image-based social network and idea catalogue has also streamlined its advertiser tools

Pinterest has announced better than expected results as revenues jumped by 62%.

The pinboard-inspired company, which now has 300 million active users, posted as part of its Q2 2019 results, that revenues increased to US$261.2m compared to $235.8m expected by analysts.

Meanwhile, the number of users rose by 30% from 231 million compared to the same period last year.

As a result, Pinterest has increased its annual revenue forecast between $1.095bn and $1.115bn, versus the original expectations of $1.055bn and $1.08bn.

"We constantly aim to make Pinterest more personal, relevant and useful to our users,” said Ben Silbermann, CEO of Pinterest.

"We also continued to grow and diversify our advertiser base and improve advertisers’ ability to measure the effectiveness of their ad spend.

“This is part of our larger and ongoing effort to create value for businesses on Pinterest."

The image-sharing and e-commerce platform said that it has also improved search recommendations and increased the amount of video content and shoppable products.

Last month, the company introduced its Mobile Ad Tools feature to allow SMEs create and analyse campaigns via a mobile device.

Todd Morgenfeld, CFO of Pinterest, added: “The momentum we have seen over the past several quarters continued as more advertisers recognise the power of our platform to reach consumers.

“We remain encouraged by trends in US annual revenue per user and by user growth in international markets.”

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