Social media giant Pinterest just rolled out its earnings report for the second quarter of 2024.
The news resulted in its stocks taking a hard hit of 15% as experts from the company provided insights on the upcoming quarter which was lower than what estimates from analysts mentioned.
As per reports from LSEG, the company’s performance for revenue and earnings per share included $854M and 29 cents on adjustment which were both close to the expected predictions.
Meanwhile, revenue grew 21% YoY while the net income for each quarter was $9M as compared to the loss of $35M which was equivalent to 5 cents a share as displayed in the 2023 record. During that time, the net costs and expenses hit $781M.
As reported by Pinterest, it hoped the sales for the third quarter would range anywhere between $885M to $900 million which is the equivalent to a YoY growth ranging between 16 to 18%. Experts did predict the revenue guidance to hit $907 million.
The company’s CEO was very optimistic with the earnings report, adding how the platform’s efforts for monetization are starting to pay off. Meanwhile, advertisers have seen a great improvement in performance throughout key areas of the app. This entails brand awareness to the likes of conversion.
The news comes as it keeps on launching more offerings related to AI and hence attaining a bigger share of advertising budgets seen across some of the biggest brands around the globe.
Pinterest mentioned how it included close to 522M MAU for Q2 this year which went beyond the estimates made by analysts which was 520M. As per the regional breakdown for Pinterest, the firm mentioned how the leaders in terms of userbase were certainly Europe with 136M and the American/Canadian were 98M.
Such analysts hoped the US would have a bigger share of users with predictions hitting 136M while that seen for Europe was estimated to be 284M around the globe.
In addition to that, Pinterest spoke about Q2 revenue per user to be $1.6 which again was in line with the predictions made by analysts.
Another earnings call with the company’s CFO entailed a discussion surrounding the major areas of strength for the firm and that included auto, finance, and tech to be the main stakeholders to generate revenue via the app’s online ad business. However, it was a little offset when it had to do with food and drinks as some analysts did make stronger predictions in this category.
When you look at the bigger market picture, Pinterest explained to analysts how they did see an advertising market which it felt was quite stable when compared to the results produced in the previous quarter.
Alphabet rolled out its Q2 revenue stats that went above analysts’ predictions, hitting the $84B mark while the firm’s ad sales hit $8.6B during that same time. The latter was lower than the $8.9B that estimates predicted.
Image: DIW-Aigen
Read next: Microsoft Triumphs In Q4 Again With $64.7B In Revenue Thanks To Server Products And Cloud Services
The news resulted in its stocks taking a hard hit of 15% as experts from the company provided insights on the upcoming quarter which was lower than what estimates from analysts mentioned.
As per reports from LSEG, the company’s performance for revenue and earnings per share included $854M and 29 cents on adjustment which were both close to the expected predictions.
Meanwhile, revenue grew 21% YoY while the net income for each quarter was $9M as compared to the loss of $35M which was equivalent to 5 cents a share as displayed in the 2023 record. During that time, the net costs and expenses hit $781M.
As reported by Pinterest, it hoped the sales for the third quarter would range anywhere between $885M to $900 million which is the equivalent to a YoY growth ranging between 16 to 18%. Experts did predict the revenue guidance to hit $907 million.
The company’s CEO was very optimistic with the earnings report, adding how the platform’s efforts for monetization are starting to pay off. Meanwhile, advertisers have seen a great improvement in performance throughout key areas of the app. This entails brand awareness to the likes of conversion.
The news comes as it keeps on launching more offerings related to AI and hence attaining a bigger share of advertising budgets seen across some of the biggest brands around the globe.
Pinterest mentioned how it included close to 522M MAU for Q2 this year which went beyond the estimates made by analysts which was 520M. As per the regional breakdown for Pinterest, the firm mentioned how the leaders in terms of userbase were certainly Europe with 136M and the American/Canadian were 98M.
Such analysts hoped the US would have a bigger share of users with predictions hitting 136M while that seen for Europe was estimated to be 284M around the globe.
In addition to that, Pinterest spoke about Q2 revenue per user to be $1.6 which again was in line with the predictions made by analysts.
Another earnings call with the company’s CFO entailed a discussion surrounding the major areas of strength for the firm and that included auto, finance, and tech to be the main stakeholders to generate revenue via the app’s online ad business. However, it was a little offset when it had to do with food and drinks as some analysts did make stronger predictions in this category.
When you look at the bigger market picture, Pinterest explained to analysts how they did see an advertising market which it felt was quite stable when compared to the results produced in the previous quarter.
Alphabet rolled out its Q2 revenue stats that went above analysts’ predictions, hitting the $84B mark while the firm’s ad sales hit $8.6B during that same time. The latter was lower than the $8.9B that estimates predicted.
Read next: Microsoft Triumphs In Q4 Again With $64.7B In Revenue Thanks To Server Products And Cloud Services
