Pinterest (NASDAQ:PINS) is a San Fransisco-based company that operates as a virtual discovery engine in the United States and around the world. Shares of Pinterest jumped 3% on Monday, October 30. Meanwhile, its shares have climbed 9.6% so far in 2023. Its Monday performance vaulted Pinterest stock into the black in the year-over-year period.
This company released its third quarter (Q3) fiscal 2023 earnings to kick off the week on Monday, October 30. Pinterest reported sales growth of 11% in Q3, which surged passed analyst estimates. However, expenses increased by 2% year-over-year to $768 million. The company reported total revenue of $763 million – up from $743 million in the prior year. Meanwhile, adjusted earnings per share (EPS) also beat expectations at $0.28.
Global monthly active users (MAU) climbed 8% compared to the prior year to 482 million. Better yet, average revenue per user was also reported at $1.61. This beat analyst projections.
In its earnings call, Pinterest took time to mention the impact of the ongoing Hamas-Israel conflict. Pinterst CEO Bill Ready conceded that “advertisers do react to major geopolitical moments”. The conflict is certainly worth monitoring for investors, as further retaliatory efforts from Israel threaten to draw other elements into the engagement. More than anything, the United States and its key allies want to avoid a wider, deadlier war in the Middle East.
Pinterest has reason for optimism after delivering much better-than-expected earnings to close out the volatile month of October.
Tech Insider
