Pinterest performed quite well in Q3 2019, both financially as well as usage wise. For starters, it gained around 22 million more monthly active users in the last quarter alone, bringing the total to 322 million. This is equal to approximately 28% year over year growth globally.
Additionally, Pinterest’s usage outside US is increasing at a rapid rate. It emphasizes on the service’s chances in the ongoing expansion since it is making an impact in new markets. Pinterest stated that it witnessed a double-digit growth in all international countries not named Iceland, New Zealand and Canada, during Q3.
Moreover, Pinterest has also extended its ad offerings. Now, it sells ads in 28 countries, up 9 countries recorded at the end of Q2. The markets added in the last quarter were Cyprus, Czech Republic, Greece, Hungary, Luxembourg, Malta, Poland, Romania and Slovakia.
All of this has resulted in a 14% year over year increase in Pinterest’s Average Revenue Per User. As for the overall revenue, it increased by 47% over the last year and now sits at $280 million. Although the growth rate took a slight hit as compared to the performance in previous quarters, it’s still quite stable, especially when coupled with Average Revenue Per User increase.
Pinterest has also specified that its emphasis on eCommerce is producing positive results. Now, more merchants are taking to the platform to upload there product catalogs. In short, they are encouraging users to connect with each other by buying their products via Pins. According to Pinterest itself, 75% more merchant catalogs were added in Q3 in comparison to the number in Q2 and that it is now working with platforms such as Shopify to get more eyes on its eCommerce features.
Pinterest will undoubtedly continue working on growing its on-platform buying options.
The thing to note here is that Pinterest has many competitors. For example, Google’s recently launched “Style Ideas” option through Google Lens resembles Pinterest’s Lens tool. There is no doubt that Amazon is also keeping a close eye on Pinterest’s development in the eCommerce section.
These factors can hinder Pinterest’s growth. However, that has yet to happen and currently, the social networking service is making some much-needed improvements in regards to relevance of search results and other functions. Additionally, the Q3 numbers are an assurance that Pinterest is headed in the right direction despite of the ongoing concerns.
Read next: Facebook Now Has 1.62 Billion Daily Active Users In Spite of Ongoing Controversies
Additionally, Pinterest’s usage outside US is increasing at a rapid rate. It emphasizes on the service’s chances in the ongoing expansion since it is making an impact in new markets. Pinterest stated that it witnessed a double-digit growth in all international countries not named Iceland, New Zealand and Canada, during Q3.
Moreover, Pinterest has also extended its ad offerings. Now, it sells ads in 28 countries, up 9 countries recorded at the end of Q2. The markets added in the last quarter were Cyprus, Czech Republic, Greece, Hungary, Luxembourg, Malta, Poland, Romania and Slovakia.
All of this has resulted in a 14% year over year increase in Pinterest’s Average Revenue Per User. As for the overall revenue, it increased by 47% over the last year and now sits at $280 million. Although the growth rate took a slight hit as compared to the performance in previous quarters, it’s still quite stable, especially when coupled with Average Revenue Per User increase.
Pinterest has also specified that its emphasis on eCommerce is producing positive results. Now, more merchants are taking to the platform to upload there product catalogs. In short, they are encouraging users to connect with each other by buying their products via Pins. According to Pinterest itself, 75% more merchant catalogs were added in Q3 in comparison to the number in Q2 and that it is now working with platforms such as Shopify to get more eyes on its eCommerce features.
Pinterest will undoubtedly continue working on growing its on-platform buying options.
The thing to note here is that Pinterest has many competitors. For example, Google’s recently launched “Style Ideas” option through Google Lens resembles Pinterest’s Lens tool. There is no doubt that Amazon is also keeping a close eye on Pinterest’s development in the eCommerce section.
These factors can hinder Pinterest’s growth. However, that has yet to happen and currently, the social networking service is making some much-needed improvements in regards to relevance of search results and other functions. Additionally, the Q3 numbers are an assurance that Pinterest is headed in the right direction despite of the ongoing concerns.
Read next: Facebook Now Has 1.62 Billion Daily Active Users In Spite of Ongoing Controversies
