Despite the financial slowdown, Pinterest reached a record 661 million monthly active users. Chief Executive Bill Ready attributes this engagement to the integration of artificial intelligence within visual search and shopping tools, which remain central to the company’s efforts to attract advertisers. However, these technological investments, alongside marketing and restructuring initiatives, significantly pressured the bottom line.
In section Market Quotes
Pinterest Revenue Growth Stalls as Quarterly Results Miss Expectations
Wall Street expectations for Pinterest remained unmet this quarter, as the social media platform reported a revenue increase of 12% to $1.17 billion. This performance marks a notable deceleration from the 18% growth rate maintained through the first half of the year, triggering concerns over the company's immediate commercial trajectory.
Quarterly profit fell to $21.5 million, or 4 cents a share, down from $92.1 million during the same period last year. Adjusted earnings of 46 cents per share also trailed the 49-cent consensus estimate from FactSet. Looking toward the final months of the year, the company projects revenue between $1.43 billion and $1.48 billion. This guidance falls short of analyst projections of $1.52 billion, as the company prepares for persistent headwinds in the foreign exchange market.
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