Pinterest ( (PINS) ) has released its Q3 earnings. Here is a breakdown of the information Pinterest presented to its investors.
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Pinterest, Inc., a prominent player in the social media sector, primarily focuses on offering a visual discovery engine that enables users to find inspiration for various projects, from home decor to fashion. The company has become a unique platform for users to curate and shop, distinguishing itself with innovative ad tools.
In its third-quarter earnings report for 2024, Pinterest showcased impressive growth in both revenue and user engagement. The company reported an 18% increase in revenue, reaching $898 million, alongside a record-setting 537 million global monthly active users, which marks an 11% rise. CEO Bill Ready attributed this success to the company’s strategic investments in AI, enhancing personalized user experiences and driving effective advertiser engagement.
Key financial metrics from the quarter highlight Pinterest’s strong performance. The company achieved a GAAP net income of $31 million and an adjusted EBITDA of $242 million, reflecting a 31% increase from the prior year. The global average revenue per user (ARPU) also saw a 5% rise, with particular growth noted in the Rest of World segment, which experienced an 18% ARPU increase.
Looking ahead, Pinterest maintains a positive outlook with projected revenue growth of 15-17% for the fourth quarter of 2024. The company plans to continue leveraging its AI investments to further expand its platform and enhance its advertising capabilities, positioning itself for sustained growth in the competitive digital landscape.
