Pinterest Inc., the popular online image board, experienced a 4% decline in shares following its second-quarter earnings report. The report revealed that expenses grew at a faster rate than revenue. Despite this setback, the company still performed well in other areas.
In terms of revenue, Pinterest exceeded expectations, reporting $708 million compared to the expected $696 million. Additionally, their earnings per share adjusted came in at 21 cents, surpassing the expected 12 cents.
Looking deeper into the financials, Pinterest saw a 6% increase in sales for the second quarter compared to the previous year. Net losses also narrowed by 19%, from $43.1 million to $35 million. However, total costs and expenses rose by 11% to $781 million during the second quarter.
Pinterest remains optimistic about its future. The company expects third-quarter sales to grow in the high single digits range year over year. Additionally, they anticipate that their non-GAAP operating expenses for the third quarter will grow in the low single digits range.
Pinterest CEO Bill Ready expressed confidence in the company’s performance, stating that they have been focused on their key differentiators and are seeing positive results.
On the user front, Pinterest reported an 8% year-over-year increase in global monthly active users, reaching a total of 465 million during the period.
In comparison to its competitors, Meta (formerly Facebook) saw growth in revenue and a better-than-expected forecast for its current quarter. However, Snap, another social media company, experienced a decline in sales and a decrease in stock value.
Despite the challenges, Pinterest’s unique project-driven app and focus on cost efficiencies have been driving its success. The company is actively closing the loop on sales and is confident in its future growth.
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