In the recently concluded financial quarter ending September 30, 2023, Pinterest showcased a robust financial performance.
The platform’s global monthly active users (MAUs) saw a significant increase, hitting a record high of 482 million, marking an 8% year-on-year growth.
Driving this momentum, Pinterest’s Q3 revenue reached $763 million, a commendable 11% year-on-year growth. These impressive figures are complemented by the platform’s ad earnings, which experienced a surge in tandem with the uptick in global MAUs.
Delving deeper into the financials, the platform reported a GAAP net income of $7 million for Q3. Moreover, Adjusted EBITDA stood at $185 million, and the total costs and expenses for the quarter amounted to $768 million.
Bill Ready, CEO of Pinterest said “We continued to accelerate the business in Q3. We are driving strong revenue performance, robust global MAU growth, and substantial margin expansion. As we lean into Pinterest’s unique differentiators as a visual search, discovery, and shopping platform, we’re finding our best product market fit in years. Our users are engaging deeply and we’re delivering better results for advertisers through improved measurement and innovation across the full funnel. We’re making significant progress and are continuing to execute on the opportunity ahead.”.
Looking ahead, Pinterest has set optimistic targets for Q4 2023. The company anticipates its revenue to grow between 11-13% on a year-on-year basis.
Interestingly, Pinterest expects its Q4 2023 Non-GAAP operating expenses to see a decline in the 9-13% range year over year. It’s important to note, however, that this operating expense guidance excludes the cost of revenue.
Pinterest’s remarkable Q3 performance underscores its ongoing appeal to a vast and growing user base. With an ever-increasing global MAU and solid revenue figures, the platform solidifies its position as a leading player in the social media landscape. Its proactive financial strategies and anticipated Q4 figures suggest a promising trajectory for the company.