Pinterest Earnings Beat Estimates As Ad Spend Booms

Pinterest Inc on Thursday reported second-quarter income above Wall Avenue estimates, as advert spending by on-line retailers picked up with the economic system bouncing again from pandemic lows.

The image-sharing firm’s complete income greater than doubled to $613 million within the quarter, in contrast with analysts’ common estimates of $562.1 million, in line with IBES information from Refinitiv.

Pinterest, Instagram, Snapchat and different apps with procuring options have benefited from the pandemic accelerating the shift to e-commerce, as companies ramp up their digital advert budgets to succeed in shoppers spending extra time on-line.

The digital pinboard web site, which generates income by putting ads subsequent to posts uploaded by customers, additionally stated it expects third-quarter income to develop within the low-40s vary on a share foundation.

Nevertheless, Pinterest’s month-to-month lively customers (MAU), a extensively watched metric indicating customers’ stage of engagement with the platform, grew solely 9 p.c to 454 million within the quarter, in contrast with 416 million final yr. Analysts on common estimated 487.1 million.

The corporate stated it will not present steerage for MAUs, citing the “lack of visibility” attributable to the pandemic.

As of July 27, U.S. MAUs have declined almost 7 p.c year-over-year, whereas international MAUs have grown almost 5 p.c, it stated.

By Tiyashi Datta

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