Pinterest’s founders have seen their collective wealth double after the company’s shares skyrocketed more than 30 per cent in late trading.
The stock price surge came after Pinterest revealed its quarterly sales figures had blitzed analysts’ expectations.
Over the three months to September 30, Pinterest saw revenue jump 58 per cent to $443 million, dramatically higher than average estimates of $383.5 million, according to Refinitiv.
Its adjusted earnings per share also came in at 13 cents per share, more than four times the predicted 3 cents per share.
Meanwhile its userbase benefitted from the ongoing shift online, seeing global monthly active users rise 37 per cent to 442 million, again comfortably above predictions of 436.38 million.
This was fueled by an influx of international users, with the number of overseas active users rising 46 per cent to 343 million.
The social media ‘scrapbooking’ giant, which has been increasingly venturing into retail in recent years, said it expected revenue in its next quarter to grow 60 per cent.
These blistering quarterly results saw its founders Paul Sciarra, Evan Sharp and Ben Silberman add over $750 million to their fortunes, which now collectively stand at $5.8 billion.