For Q2 2023 which ended on June 30, Pinterest reported revenue of $708 million and global monthly active users of about 465 million.
Pinterest Inc (NYSE: PINS) shares closed Tuesday trading at $26.21, up 3.19 percent from the day’s opening price. The sudden gains in the photo-sharing social media platform Pinterest were attributed to Q2 2023 financial results that depicted an accelerated revenue growth forecast. Notably, Pinterest reported a revenue of about $708 million during the second quarter compared to $665 million recorded in the same time last year, hence representing an annual growth of about 6 percent.
The social media platform announced a net loss of about $34.9 million during the second quarter compared to $43 million recorded during the same time last year, hence a change of 19 percent. Pinterest attributed its improved performance to an increased focus on its strengths that differentiate itself from other social media platforms.
“In Q2, we continued to build momentum with consumers and advertisers while further accelerating our pace of innovation,” said Bill Ready, CEO of Pinterest. “Over the past year, we’ve been laser-focused on our key differentiators and we’re seeing results. Users are coming back more often and engaging more deeply, Pinterest is increasingly shoppable and actionable, and we’re delivering better and more measurable performance for our advertisers…”
Pinterest Q2 2023 Financial Statement and Marker Outlook
Pinterest reported its business is mostly performing well in the United States and Canada where the company collected a total revenue of about $565 million during the second compared to $542 reported during the same time last year. In Europe, the company reported a revenue of about $114 million, up from around $102 million recorded during the same time last year. Notable, Pinterest collected a revenue of about $29 million from the rest of the world combined, representing a growth of about 22 percent from the same time last year.
However, in terms of monthly active users (MAUs), the company reported about 95 million in the United States and Canada, 124 million in Europe, and 246 million from the rest of the world. With the continued improvement of its core business, Pinterest is optimistic about operational growth during the third quarter.
Further, the company expects its third-quarter revenue to grow in the high single-digit range YoY. Meanwhile, Pinterest highlighted that further market outlook will be issued during the conference call with analysts.
Notably, the $17 billion social media company continues to face immense competition from other tech companies like Meta Platforms Inc (NASDAQ: META), and Snap Inc (NYSE: SNAP). Nonetheless, Pinterest is laser-focused on collaborating with different retailers to help its customers purchase products seamlessly. For instance, the company announced a strategic partnership with Amazon.com Inc (NASDAQ: AMZN) to increase its third-party ads.