Pinterest reported its Q1 2024 performance with a 23% increase in total revenue from the previous year, totaling $740 million. However, they incurred a net loss according to GAAP accounting standards of $25 million.
The monthly active users (MAUs) of Pinterest have grown to 518 million accounts globally, with 98 million in the Americas and Canada, 140 million in Europe, and 279 million in other regions.
Pinterest CEO Bill Ready highlighted the past quarter as a significant milestone for the platform, surpassing half a billion users for the first time and achieving a remarkable 23% revenue growth, the highest rate since 2021. This growth can be attributed to investments in AI and e-commerce systems, which have resulted in advertisers seeing a worthwhile return on investment and meeting market demands.
Source: Pinterest
TLDR: Pinterest’s Q1 2024 revenue increased by 23%, reaching $740 million, despite a net loss of $25 million. The platform now has 518 million monthly active users globally, with strategic investments in AI and e-commerce driving significant revenue growth.
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