Pinterest reported its third-quarter results for the year 2024, with total revenue reaching $898 million, marking an 18% increase from the same period in the previous year. The net profit according to GAAP stood at $31 million. The monthly active users (MAUs) globally saw an 11% increase, totaling 537 million accounts, with 99 million coming from the United States and Canada.
The majority of Pinterest’s revenue still comes from the US and Canada, with this quarter amounting to $719 million, accounting for 80% of the total revenue. Julia Donnelly, Pinterest’s CEO, provided further insights during the earnings call, mentioning a decline in advertising revenue from the food and beverage customer segment, impacting the overall ad revenue. This trend is expected to continue into the fourth quarter of 2024.
Source: Pinterest and CNBC
TLDR: Pinterest’s Q3 2024 revenue increased by 18% to $898 million, driven mainly by the US and Canada markets. However, a decline in ad revenue from the food and beverage segment poses challenges for the company going forward.
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