Pinterest Q3 Earnings: Revenue Beat, EPS Miss, Soft Guidance, AI Investments Paying Off And More

Pinterest Inc PINS reported financial results for the third quarter after the market close on Thursday. Here’s a look at the key details from the quarter.

Q3 Earnings: Pinterest reported third-quarter revenue of $898 million, beating the consensus estimate of $896.35 million. The idea discovery platform company reported third-quarter earnings of four cents per share, missing analyst estimates of seven cents per share, according to Benzinga Pro.

Total revenue was up 18% on a year-over-year basis. Pinterest’s global monthly active users increased 11% year-over-year to 537 million. Average revenue per user was $1.70 globally and $7.31 in the U.S. and Canada.

“Our AI investments are driving results by powering better-personalized experiences and greater performance for advertisers, with our lower-funnel ad tools being the fastest-growing part of our business,” said Bill Ready, CEO of Pinterest.

“Advertisers are increasingly relying on Pinterest to engage our growing audience who see us as a great place to find inspiration, curate and shop.”

See Also: Rivian Q3 Earnings Highlights: Revenue, EPS Miss, CEO Confident In Q4 Gross Profit, R2 Being ‘Fundamental Driver’ Of Growth

Outlook: Pinterest expects fourth-quarter revenue to be in the range of $1.125 billion to $1.145 billion versus estimates of $1.14 billion. The company expects fourth-quarter operating expenses to be in the range of $495 million to $510 million.

Management will hold a conference call to further discuss these results at 4:30 p.m. ET.

PINS Price Action: Pinterest shares were down 12.17% after hours at $29.80 at the time of publication Thursday, according to Benzinga Pro.

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