Pinterest looks to implement U.S. success overseas as international user base grows
Pinterest saw its global user base surge and its international advertising strategy take shape as the world grappled with a novel coronavirus outbreak last quarter, CEO Ben Silbermann told CNBC on Monday.
The app saw user growth especially in Western Europe, Latin America, Brazil and parts of Asia, and the company is focused on replicating its success in the U.S. overseas, he said in a "Mad Money" interview.
"International revenue only comprised about 9% of overall revenue last year this time," Silbermann explained to Jim Cramer. "Now, it's up to 15%, and so we're starting to see this same formula that's working really well for businesses here in the United States also work well for advertisers around the world."
Pinterest on Friday reported bringing in $272 million in revenue in the second quarter, a period impaired by reductions in advertising spend as countries shut down to slow the spread of Covid-19. That figure is up 4% from a year ago.
Monthly active users worldwide reached 416 million, a 39% increase from the year-ago quarter, as more people turned to the internet while they spent more time at home. The company also expanded its advertising clients, with small and medium-sized businesses making up almost half of the advertising dollars.
Pinterest expects to continue riding the momentum, despite a pandemic-induced economic downturn that has buckled a range of industries. The tech company said last week that it projects July revenue alone could come in 50% higher year over year and that revenue in ...
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