Advertisers benefit from a 11% increase in Pinterest revenue in Q3.
Pinterest’s third-quarter revenue jumped 11% to $763 million in Q3, 2023.
Ad earnings surged as the platform’s global monthly active users increased by 8% year-on-year to 482 million.
The company credited its success in part to
- “Its ability to attract and retain advertisers and effectively measure advertising campaigns.”
Why we care. Pinterest’s better than expected performance may encourage advertisers to diversify their advertising budgets. Its significant increase in global monthly active users also suggests the platform has a lot to offer advertisers in terms of reach.
Exceeding expectations. Pinterest had been projected by Wall Street analysts to reach 473 million global monthly active users, but the platform surpassed expectations by 9 million. Moreover, Pinterest outperformed projections for average revenue per user, achieving $1.61 compared to the anticipated $1.59.
Looking ahead: As the holiday season approaches, Pinterest has said that it is expecting growth of 11-13% in the final quarter of 2023. The company also expects GAAP operating costs to drop by 9-13% on an annual basis. What Pinterest has to say.
Bill Ready CEO of Pinterest said:
“We continued to accelerate our business in Q3.” Bill Ready, CEO of Pinterest, said:“We continued to accelerate the business in Q3.” As we leverage Pinterest’s unique differentiation as a visual discovery, shopping, and search platform, we are finding our best fit product market in years.”
- “Our users are deeply engaged and we are delivering better results to advertisers through improved measurement. We are making progress and continue to take advantage of the opportunities ahead. “
- Earnings report
- . For more information, you can read Pinterest’s complete
results report 2023.