Summary by Futu AI
Pinterest reported its third-quarter financial results for the period ending September 30, 2024, with a revenue of $898.4 million, marking an 18% increase from the same period in 2023. The company's Monthly Active Users (MAUs) grew by 11% to 537 million. Despite a loss from operations of $5.9 million, Pinterest achieved a net income of $30.6 million and an Adjusted EBITDA of $242.1 million. The company's cash reserves, including cash equivalents and marketable securities, stood strong at $2,442.6 million. Pinterest's revenue growth was primarily driven by a 5% increase in global Average Revenue per User (ARPU) and an 11% increase in MAUs. U.S. and Canada ARPU saw a 13% increase, Europe ARPU went up by 10%, and Rest of World ARPU increased by 18%. The company's investments in relevance and...Show More