Pinterest reported third-quarter 2024 revenue of $898 million, an 18% increase year-over-year, surpassing Wall Street estimates. Global monthly active users reached a record 537 million, up 11% from the prior year, demonstrating sustained user engagement.
Net income significantly improved to $30.56 million, a 354% increase year-over-year from $6.73 million, while Adjusted EBITDA grew 31% to $242.13 million, with a margin of 27%. Revenue growth was broad-based, with U.S. and Canada revenue up 16%, Europe up 20%, and Rest of World up 38%.
However, the company provided fourth-quarter revenue guidance between $1.125 billion and $1.145 billion, with the midpoint trailing analyst estimates of $1.143 billion. CFO Julia Donnelly attributed this to ongoing weaknesses from food and beverage advertisers, which are expected to continue into the fourth quarter, impacting overall sales. The board also authorized a $2 billion share buyback program.
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