From CNBC: 2024-11-07 17:47:25

Pinterest CEO Bill Ready rang the NYSE opening bell. Despite beating Q3 earnings estimates, Pinterest shares dropped 15% due to soft Q4 revenue guidance. The company reported Q3 revenue of $898 million and EPS of 40 cents. Pinterest projects Q4 revenue between $1.125 billion and $1.145 billion, citing weak sales from food and beverage advertisers. The company’s board also approved a $2 billion share buyback. Quarterly earnings showed a 18% increase in sales, reaching $763.2 million. Monthly active users surpassed analyst estimates at 537 million. Net income grew 354% year over year to $30.56 million, while expenses rose 17% to $904 million. Rising costs are attributed to R&D investments and AI-focused hiring. Pinterest’s performance comes after the U.S. presidential election and amidst other tech companies’ earnings reports. Amazon’s ads business grew 19% to $14.3 billion in Q3, while Meta reported a 19% sales increase to $40.59 billion. However, Meta shares dipped due to weak user numbers and anticipated infrastructure expenses surge in 2025.



Read more at CNBC:: Pinterest Q3 earnings report 2024