With advertisers flocking to Pinterest, the company has smashed its financial targets, sending its stock price soaring by 12 per cent.
While the company was unable to add any extra Pinners, with monthly active users staying flat at 445 million, its revenue grew eight per cent to just over $1 billion.
“I’m proud of the solid results our team delivered in Q3, growing revenue 8 per cent year over year, 10 per cent on a constant currency basis, and returning to user growth,” said Bill Ready, Pinterest’s CEO.
“Despite the challenging macro environment, we are delivering performance and a distinct value proposition to advertisers, reaching users across the full funnel. Through clear focus on increasing engagement that delights our users, we are deepening our monetization per user, and building personalized and relevant experiences that go from inspiration and intent to action.”
Pinterest has managed to buck the trend for big tech companies in the most recent round of financial reporting.
Meta, the parent company of Facebook, was roundly slammed by investors and analysts for continuing to sink money into the metaverse while its advertising business stalls. Snap, parent company of disappearing photo app Snapchat, saw its losses quadruple. Even Apple and Amazon missed their financial targets.
Advertiser interest has certainly been piqued by Pinterest’s new tools and expansion. The company launched ads in Argentina, Chile, and Colombia. It has also launched a new Pinterest API for Conversions, a “secure and reliable” way for advertisers to connect their data to Pinterest, allowing for better targeting and measurement. The company also recently debuted its Pinterest Trends tool to help advertisers hop on trends with demographics that matter to their business.
The company also released a new Video ingestion in Catalogs in Beta, providing merchants the opportunity to include a video in addition to an image within their catalogue ads, letting shoppers see the products in even more detail.
“We know people are coming to Pinterest with shopping intent and an inspirational mindset, creating the perfect environment to create fun and innovative experiences that really resonate with shoppers,” said Christie Raymond, chief marketing officer of American department store Kohl’s.
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