In the 2023 fourth-quarter, Pinterest experienced a 12% increase in its revenue, bringing it to $981 million. This significant boost can be attributed to higher ad earnings as the company saw an 11% increase in global monthly active users, reaching a record high of 498 million. Pinterest has also seen success with its newly launched ad solutions, which brands have utilized to enhance their campaign performance.
This report signifies that Pinterest is a promising platform for advertisers looking to diversify their ad spend. The growing global user base offers an extended reach for advertisers. Furthermore, Pinterest has optimistic expectations for the first quarter of 2024, with a projected 15-17% year-over-year growth and revenue in the range of $690 million to $705 million, as well as predicting a 9-13% year-over-year increase in non-GAAP operating expenses.
According to Bill Ready, the CEO of Pinterest, the company is delivering stronger results for advertisers through improved measurement and innovation across the full funnel. He anticipates further growth after achieving an all-time high for global monthly active users and posting double-digit revenue growth. The close alignment between the interests of users and advertisers has led to a successful year for Pinterest, which has accelerated its product velocity and launched more solutions than ever before.
If you want to dive deeper into Pinterest’s financial performance, you can read the full Q4 2023 results report here.
Source link
GIPHY App Key not set. Please check settings