Pinterest Posts Strong Quarter on Ad Spending Boost

Reuters2022-04-28

(Reuters) - Pinterest Inc topped quarterly revenue estimates on Wednesday as the image-sharing platform benefited from higher ad spending by businesses after COVID-19 curbs eased globally.

Revenue rose 18% in the first quarter to $575 million, compared with the average analyst expectation of $572.5 million, according to Refinitiv IBES data.

Like its peers, Pinterest recorded strong user growth in the early months of pandemic as home-bound consumers sought projects to keep themselves entertained. But that boom has faded with the economic reopening, prompting the company to double down on efforts to grow its ad business.

Pinterest said its monthly active users (MAUs) - a key metric that shows engagement levels - declined 9% to 433 million in the quarter ended March 31. The figure also missed a FactSet estimate of 437.9 million.

But its mobile app MAUs, the group that represents most of Pinterest's revenue, grew by mid-single digits.

"We also saw continued strength in the younger demographic, with Gen Z users growing mid-single digits," the company said.

Net loss was $5 million for the quarter.

Pinterest  stock rose 8% in after-hours trading Wednesday.

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Comments

  • Oon Bubble
    2022-04-28
    Oon Bubble
    Hold to what price?
  • TCF
    2022-04-28
    TCF
    At least can see some good news in social media Co. 
  • gupzbajaj
    2022-04-28
    gupzbajaj
    Ok pls like
  • iamnachochip
    2022-04-28
    iamnachochip
    🤩
  • AlfonsoDex
    2022-04-28
    AlfonsoDex
    Ok
  • okkar
    2022-04-28
    okkar
    💰
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