Pinterest Inc. witnessed an increase in its quarterly sales revenue during a holiday shopping season that started earlier than usual, driving advertisers online due to COVID-19.

The fourth-quarter revenue for the American image sharing and social media service rose by 76 percent to $706 million, according to a statement issued by the company yesterday.

Moreover, the company's shares also gained around 8% in extended trading.

While the businesses all across the world struggled with COVID19 challenges, Pinterest's advertising business prospered in recent months as advertisers increased their use of internet during this time.

Pinterest reported that it experienced good turnout from small- and medium-sized businesses in the fourth quarter, especially in the consumer-packaged goods and retail categories.

In addition to this, Pinterest's monthly users also increased by 37 percent as compared to last year and reached 459 million, as reported by Bloomberg.

As the pandemic continues and uncertainty prevails, Pinterest still predicts that its revenue will rise in the “low-70% range” in the period ending in March.