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Pinterest Inc (NYSE:PINS) posted third-quarter financial results after the market close on Tuesday. Here’s a rundown of the report.
Q3 Highlights: Pinterest turned in third-quarter revenue of $1.05 billion, in line with analysts’ estimates, according to Benzinga Pro. The idea discovery platform company reported third-quarter adjusted earnings of 38 cents per share, missing analyst estimates of 42 cents per share.
Total revenue was up 17% on a year-over-year basis as Pinterest’s global monthly active users increased 12% year-over-year to an all-time high of 600 million. Average revenue per user in the third quarter was $1.78 globally and $7.64 in the U.S. and Canada.
Net cash from operations totaled $322 million in the quarter, and free cash flow came in at $318 million. The company ended the period with approximately $1.13 billion in cash and cash equivalents.
“Our investments in AI and product innovation are paying off,” said Bill Ready, CEO of Pinterest.
“We’ve become a leader in visual search and have effectively turned our platform into an AI-powered shopping assistant for 600 million consumers. In turn, global advertisers are increasingly counting on Pinterest as a go-to search platform to reach their customers and drive sales.”
Guidance: Pinterest expects fourth-quarter revenue to be in the range of $1.31 billion to $1.34 billion versus estimates of $1.34 billion. The company anticipates adjusted EBITDA of $533 million to $558 million in the fourth quarter.
Pinterest executives will provide additional details on forward guidance on the company’s earnings call, which started at 4:30 p.m. ET.
PINS Price Action: Pinterest shares were down 16.04% in after-hours, trading at $27.63 at publication time on Tuesday, according to Benzinga Pro.
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Posted In: PINS
