Shares of Pininterest (NASDAQ: PINS) skyrocketed about 33% in pre-open Thursday after the company smashed market expectations for the third quarter.

PINS reported adjusted-EPS of $0.13 per share to easily top the $0.02 expected from the market. Revenue grew 58% to $443 million, which is higher than $377.7 million expected from the market. Monthly active users (MAUs) rose 37% to 442 million, again better than the consensus of 436.38 million.

“The strong momentum our business experienced in July continued throughout the rest of the third quarter. We’re extremely pleased with the broad based strength of our business, driven by recovering advertiser demand as well as positive returns from our investments in advertiser products and international expansion,” said Todd Morgenfeld, CFO and Head of Business Operations at Pinterest.

The impressive set of quarterly results prompted analysts from at least two firms - J.P. Morgan and MKM Partners - to upgrade PINS from “Neutral” to “Overweight” and “Buy”, respectively. The former also raised the price target to $75.00 per share.

BofA’s analyst Justin Post maintained a “Buy” rating on “strong progress,” and raised the price target to $72.00 per share from prior $58.00.

“Strong user and usage growth, spend shift from advertiser boycott, a rebound in advertiser demand (SMB, international & large CPG), and new initiatives such as conversion optimization, shopping ad products, automated bidding, and video uploads (grew 7x y/y) drove 3Q. Stock was up 28% AH, suggesting more than just 1x COVID impact; we think Street sees strong progress with shopping initiatives, and has more confidence in long-term ARPU expansion,” Post wrote in today’s note.

The analyst believes that Pininterest is establishing itself as an “increasingly relevant shopping site”.

“Total MAU increased to 441mn (+37% y/y vs 2Q at 39%), above street at 437mn, while global ARPU was $1.03, up 15% y/y, and also above street at $0.90. International growth drove the majority of global MAU expansion, and users under age 25 continued to grow faster than the total. Overall 3Q engagement (e.g., impressions, closeups and saves) and search volume moderated somewhat from 2Q highs but remained well above pre- COVID-19 levels.”