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Pinterest CEO Rings NYSE Bell as Earnings Disappoint
7 Aug
Summary
- Pinterest Q2 revenue grew 17% but missed earnings estimates
- Pinterest forecasts Q3 sales above analyst projections
- Pinterest user base grew to 578 million, exceeding expectations
On May 15, 2024, Pinterest CEO Bill Ready rang the opening bell at the New York Stock Exchange, but the company's second-quarter earnings report, released a few months ago, disappointed investors. While Pinterest's revenue grew 17% year-over-year to $38.76 million, the figure missed analysts' consensus estimates.
However, the social media platform did see impressive user growth, with its global monthly active user base reaching 578 million in the second quarter, ahead of the 574.5 million projected by StreetAccount. Pinterest also forecasted third-quarter sales between $1.033 billion and $1.053 billion, topping the $1.025 billion analysts had expected.
Additionally, Pinterest recorded $251 million in adjusted EBITDA for the second quarter, higher than the $233 million StreetAccount had estimated. "I'm proud of our Q2 results -- delivering 17% revenue growth and another quarter of record users," Pinterest CEO Bill Ready said in a statement. "We're also excited that Gen Z has grown to over half of our user base."
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The mixed results come as other major tech companies, such as Snap, Amazon, and Alphabet, have reported varying degrees of success in their recent quarterly earnings. While the social media landscape continues to evolve, Pinterest appears to be navigating the challenges and maintaining its position as a leading platform.
