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PulseReporter > Blog > Money > Pinterest Q3 earnings report 2024
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Pinterest Q3 earnings report 2024

Last updated: November 8, 2024 9:29 pm
8 months ago
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Pinterest Q3 earnings report 2024
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Invoice Prepared, CEO of Pinterest, rings the opening bell on the New York Inventory Change on Might 15, 2024.

Brendan McDermid | Reuters

Pinterest shares plunged as a lot as 15% on Thursday after the social media firm supplied comfortable steering for its fourth-quarter income regardless of beating on the highest and backside traces with its third-quarter earnings.

Here is how the corporate carried out, based on LSEG:

  • Income: $898 million vs. $896 million anticipated
  • Earnings per share: 40 cents adjusted vs. 34 cents anticipated

The corporate mentioned fourth-quarter income might be between $1.125 billion and $1.145 billion. The midpoint of the fourth-quarter steering, $1.135 billion, trailed analyst estimates of $1.143 billion.

Pinterest CFO Julia Donnelly instructed analysts throughout an earnings name that ongoing weaknesses from meals and beverage advertisers, that are a part of the broader shopper packaged items market, has negatively impacted the social media firm’s general gross sales. The stoop by this sector will doubtless proceed into the fourth quarter, she mentioned.

Pinterest additionally mentioned in a submitting Thursday that its board licensed a $2 billion share buyback.

Gross sales in Pinterest’s third quarter rose 18% from $763.2 million a 12 months in the past.

Pinterest mentioned it had 537 million world month-to-month energetic customers within the third quarter, topping analyst estimates of 532.6 million.  

The corporate’s internet earnings grew a whopping 354% 12 months over 12 months to $30.56 million. Its complete value and bills for the quarter have been $904 million, up 17% in contrast with $768 million the earlier 12 months.

Donnelly attributed Pinterest’s rising bills to investments in analysis and growth and hiring for workers with experience in synthetic intelligence.

Pinterest’s newest quarterly earnings follows the current U.S. presidential election earlier within the week along with a number of earnings experiences from different tech corporations with internet marketing companies.

Final week, Amazon mentioned its adverts enterprise grew 19% 12 months over 12 months to $14.3 billion within the third quarter, and Meta mentioned its third-quarter gross sales rose 19% 12 months over 12 months to $40.59 billion. Nonetheless, Meta shares dropped barely on weaker-than-expected person numbers and warned of a big acceleration in its infrastructure bills in 2025.

TikTok is 'digital nicotine' for young people, says D.C. Attorney General Brian Schwalb

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