Summary by Futu AI
Pinterest, the popular social media platform, reported a 21% year-on-year increase in revenue to $853.7 million for the second quarter ended June 30, 2024. The company also saw a 12% rise in monthly active users (MAUs) to 522 million compared to the same period last year. Despite these gains, Pinterest experienced a loss from operations of $21.4 million, although net income was positive at $8.9 million. The Adjusted EBITDA stood at $179.9 million. Geographically, revenue from the U.S. and Canada led with a 19% increase, while Europe and the Rest of the World saw a 25% and 32% rise, respectively. The company's Average Revenue per User (ARPU) globally increased by 8%, with the U.S. and Canada ARPU growing by 16%, Europe by 14%, and Rest of World by 13%. Pinterest's liquidity remains strong with $2,735.2 million in cash, cash equivalents, and marketable securities. The company's board authorized a stock repurchase program of up to $1.0 billion of its Class A common stock, with $965.6 million remaining available for repurchases as of June 30, 2024.
