Pinterest has announced its financial results for the third quarter of 2024, showcasing a solid trajectory of growth in both revenue and user engagement. The platform continues to position itself as a powerhouse for inspiration and a valuable space for advertisers. Let’s dive into the highlights of this quarter’s performance and what it means for Pinterest’s future.
Revenue Hits New Heights
Pinterest achieved an 18% year-over-year increase in revenue, bringing in $898 million. This growth underscores the company’s ability to effectively monetize its platform, appealing to advertisers looking to connect with highly motivated audiences.
User Base Reaches a Record High
The platform now boasts 537 million Monthly Active Users (MAUs) globally, marking an 11% increase compared to last year. This steady rise in users reflects Pinterest’s success in maintaining its relevance as a go-to source for inspiration across diverse categories, from DIY projects to fashion and wellness.
AI Investments Drive Success
CEO Bill Ready credits Pinterest’s growth to strategic investments in artificial intelligence (AI). By leveraging AI, Pinterest has enhanced personalized user experiences, making content discovery more engaging and relevant. These improvements not only attract more users but also drive better performance for advertisers.
Lower-Funnel Advertising Gains Momentum
One of the standout achievements this quarter is the growth of Pinterest’s lower-funnel advertising tools, which are now the fastest-growing segment of its business. These tools appeal to advertisers looking to target users closer to making purchase decisions, reinforcing Pinterest’s value as a commerce-driven platform.
Financial Overview
- GAAP Net Income: $31 million
- Adjusted EBITDA: $242 million
- Total Costs and Expenses: $904 million
The company continues to maintain a healthy financial position while investing in growth and innovation.
Optimistic Outlook for Q4 2024
Pinterest projects fourth-quarter revenue between $1,125 million and $1,145 million, a 15-17% increase year-over-year. Non-GAAP operating expenses are expected to range from $495 million to $510 million, reflecting an 11-14% growth compared to the same period last year.
These projections demonstrate Pinterest’s confidence in its strategies and its ability to sustain momentum through the year’s end.
Why It Matters
Pinterest’s results highlight its growing importance as a platform for advertisers and creators. By integrating AI to refine user experiences and offering tools that drive tangible business outcomes, Pinterest is solidifying its position in the digital landscape. As the platform continues to grow, it remains a space where inspiration meets action, attracting users and advertisers alike.
Source: For more information, visit Pinterest’s official Investor Relations page: Pinterest Third Quarter 2024 Results.
Don’t Forget to Pin It!
Here is more information that may be helpful!
Maximizing Your Growth with Tailwind Communities
Maximizing Your Reach with Tailwind Communities: A Guide for Pinterest Users Tailwind Communities (formerly known as Tailwind Tribes) are online groups that allow Pinterest users to share their pins and collaborate with others who have similar interests. These...
What Are People Searching For This Week on Pinterest in June
What Are People Searching For This Week on Pinterest 6/5/24 Hey there, Pinterest peeps! It's Jen here, back with another round of Pinterest Predicts Weekly—or as I like to call it: What are people searching for on Pinterest? 🧐 This week's theme is Making a Splash, so...
Why You Should Use Pinterest’s new Instagram Integration: Elevate Your Visibility and Engagement
Why You Should Use Pinterest’s new Instagram Integration: Elevate Your Visibility and Engagement Did you know you can claim your Instagram account on Pinterest? Here’s why linking your Instagram to Pinterest is a game-changer: Attribution: Any Instagram content shared...
