Pinterest, Inc (PINS) Q3 2024 Earnings Breakdown
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Description
Key Highlights: Financials: Revenue increased 18% year-over-year to $898.4 million for the quarter, driven by growth in demand for consideration and conversion objectives. Net income reached $30.6 million, a significant improvement from $6.7 million in the same quarter last year. Adjusted EBITDA was $242.1 million, demonstrating strong operating performance. As of September 30, 2024, Pinterest held $2.4 billion in cash, cash equivalents, and marketable securities. User Metrics: Global MAUs showed positive growth compared to the previous year, attributed to investments in relevance and personalization. Global ARPU increased 5% to $1.70, with notable increases in all regions: U.S. and Canada (13%), Europe (10%), and Rest of World (18%). Strategic Initiatives: Pinterest remains focused on attracting and retaining advertisers, expanding internationally, and developing measurement tools to demonstrate advertising effectiveness. A new $2 billion stock repurchase program was authorized in November 2024, replacing the previous $1 billion program.
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