Pinterest projects 60% sales growth in fourth-quarter as ad sales rebound

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By Munsif Vengattil
(Reuters) - Image-sharing company Pinterest Inc <PINS.N> projected a 60% sales growth for the current quarter, off the back of a healthy rebound in ad spending by businesses after the early months of COVID-19 pandemic wreaked havoc in the industry.
The forecast, which the company termed an 'informal' one, compares to a 35% growth modeled by Wall Street analysts, according to Refinitiv data.
Shares of the company, which also beat third-quarter sales estimates, jumped 28% to $63.05 in extended trading.
Pinterest said it benefited as advertisers redirected spending to its platform following a social media ad boycott campaign that began in July.
A long list of companies have pulled advertising from Facebook Inc <FB.O>, in support of a ...


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