Pinterest’s revenue rose 12% to $981 million in Q4 2023.
Advertising revenue increased as the platform’s global monthly active users rose 11% year-over-year to an all-time high of 498 million.
The company credited its success in part to the launch of a record number of advertising solutions that brands have used to improve campaign performance.
Why we care. For advertisers looking to diversify their ad spend, Pinterest is emerging as a promising investment option, showing better-than-expected performance. The remarkable increase in monthly active users globally indicates the platform’s substantial potential for advertisers in terms of extended reach.
Looking ahead: Pinterest has said it expects 15-17% year-over-year growth for the first quarter of 2024, with revenue of between $690 million and $705 million. The company also expects non-GAAP operating expenses to be between $450 million and $465 million, representing growth of 9 to 13 percent year over year.
What Pinterest Says Bill Ready, CEO of Pinterest, said:
“Our users are deeply engaged, and we’re driving better results for advertisers through improved measurement and innovation across the entire funnel.” “We had a strong Q4, marking a transformative year for Pinterest. 2023 was our most productive year yet as we accelerated the velocity of our product and launched more solutions than ever before.” “Brands are responding by using our full suite of products to drive even better campaign performance. Pinterest is the rare business where the interests of users and advertisers are aligned.” “That’s proven true as we continue to post double-digit revenue growth and hit an all-time high for global MAU.”
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Earnings report. You can read the Pinterest one 4Q 2023 results report in full for more information.
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