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Pinterest reported an 18% revenue increase in the third quarter, reaching $898.4 million, as AI-driven personalization attracts more advertisers and fuels user growth. The platform now boasts a record 537 million active users, an 11% year-over-year increase, contributing to strong earnings gains.
Pinterest’s AI-Powered Growth Boosts Advertiser Appeal and Drives Record User Engagement
As more advertisers are attracted to the social media platform, which keeps growing its user base through artificial intelligence initiatives, Pinterest reported better revenue and earnings in the third quarter, per Wall Street Journal.
“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,” Chief Executive Bill Ready said.
There are currently 537 million monthly active users on the site, an increase of 11% over the previous year and almost 4% consecutively. According to Ready, this number marks the company's highest point ever.
Global Growth Drives Pinterest’s Earnings as Revenue and User Engagement Surpass Expectations
Pinterest reported 139 million monthly active users in Europe at the end of the third quarter, up 8% from the previous year, and 99 million monthly active users in the U.S. and Canada, up 3% from the prior year.
The rest of the world, where monthly average users rose 16% to 300 million, accounted for most of its growth.
The company reported net income of $30.6 million, or 4 cents per share, in the most recent quarter, up from $6.7 million, or 1 cent per share, in the same quarter last year.
Adjusted earnings per share were 40 cents, higher than the 34 cents that FactSet's survey of analysts had predicted.
According to FactSet, revenue increased by 18% to $898.4 million, barely surpassing Wall Street's prediction of $896.9 million.
European sales rose 20% to $137 million, while U.S. and Canadian sales jumped 16% to $719 million. The world's revenue increased by 38% to $42 million.
According to expert projections, Pinterest anticipates revenue for the fourth quarter to increase by 15% to 17% from the previous year, or $1.13 billion to $1.15 billion.
