Pinterest Top Q3 Earnings, Shares Fall on Weaker Guidance

Published on: 01 Nov, 2019

Pinterest, Inc. (NYSE: PINS) reported its third quarter financial results after the closing bell on Thursday. The Company reported weaker-than-expected revenue results and provided disappointing guidance, which sent shares crashing by 23% on Friday morning.

For the quarter, Pinterest reported earnings of USD 0.01 per share on revenue of USD 279.7 Million. Refinitiv analysts expected earnings loss of USD 0.04 per share on revenue of USD 280.6 Million.

While revenue grew by 47% year-over-year, net losses for the Company continued to widen. At the end of the quarter, Pinterest reported net losses of USD 124.73 Million compared to USD 18.87 Million the same quarter a year ago.

Despite the losses, Pinterest witnessed strong growth across its U.S. and International markets. The Company’s U.S. market reported revenues of USD 251 Million, increasing by 39% year-over-year. Meanwhile, international markets reported revenues of USD 28 Million, increasing by 212% year-over-year.

The larger monthly active user base was driven by international growth at the end of the quarter. Pinterest reported that U.S. MAUs grew by 8% year-over-year to 87 Million total. On the other hand, international MAUs grew by 38% to 235 million.

U.S. average revenue per user (ARPU) total USD 2.93, representing a 26% increase year-over-year, while international ARPU grew by 127% in the same period to USD 0.13.

"In Q3, we redesigned Pinterest to make the service more intuitive and improved recommendations quality to help people discover new ideas they didn’t know about before," said Ben Silbermann, Pinterest Chief Executive Officer and Co-founder. "We are also expanding the number of shoppable products on Pinterest, which makes it easy for our users to go from inspiration to action."

As for the full-year, Pinterest forecasted revenues between USD 1.1 Billion and USD 1.115 Billion. However, Refinitiv analysts were calling for revenue of USD 1.12 Billion.


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Bryan Shin



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