Pinterest (PINS) earnings Q3 2021

Pinterest on Thursday reported better-than-expected earnings and income for the third quarter regardless of a decline in month-to-month customers.

The corporate’s inventory worth was up greater than 6% in prolonged buying and selling after closing at its lowest in over a 12 months.

Listed below are the important thing numbers:

• Adjusted earnings per share: 28 cents vs. 23 cents anticipated by Refinitiv
• Income: $633 million vs. $630.9 million anticipated by Refinitiv
• Month-to-month energetic customers: 444 million vs. 460 million anticipated by StreetAccount
• Common income per person: $1.41 vs. $1.38 forecast by StreetAccount

Pinterest mentioned month-to-month energetic customers fell 2% from the 454 million the firm reported in July. This was the second quarter in a row that Pinterest noticed a decline in month-to-month customers.

The corporate mentioned that, as of Nov. 2, its U.S. MAUs had been roughly 89 million whereas international MAUs had been 447 million. These numbers are down 9% and a couple of.6%, respectively, from the fourth quarter.

Income climbed virtually 43% from a 12 months earlier. Pinterest additionally posted a internet revenue of $94 million, even with its revenue from a 12 months in the past.

The corporate was in a position to present optimistic income and revenue numbers by producing extra money from every person. The corporate’s common income per person was up 37% in comparison with a 12 months prior.

Pinterest supplied a fourth-quarter income development estimate “within the excessive teenagers” on a year-to-year foundation. That was under Refinitiv expectations of 23.9% development.

Advertisers’ willingness to spend on Pinterest’s providers has fluctuated as a consequence of pandemic-related elements, together with provide chain points, rising commodity costs and labor shortages, the corporate mentioned in a monetary submitting. The corporate additionally mentioned that it is skilled and should proceed to see decrease ranges of person engagement, development and retention charges as pandemic restrictions start to minimize.

Pinterest famous that Apple’s iOS privateness adjustments have affected its “skill to trace person actions off our platform and join their interactions with on-platform promoting.”

Whereas the corporate did not present particular particulars about how Apple’s new function affected its monetary outcomes, different social media apps like Snap and Fb mentioned the change was a big drag on their enterprise within the newest quarter.

The corporate didn’t handle experiences a couple of potential takeover by PayPal.

PayPal was reportedly in talks final month to purchase Pinterest, although the funds firm subsequently mentioned it was not pursuing a deal.