Pinterest soars as revenue beat stands out in social media gloom - Reuters

Oct 27 (Reuters) - Pinterest Inc (PINS.N) bushed estimates for quarterly gross connected Thursday, making it a uncommon agleam spot successful an different downbeat societal media assemblage and sending the image-sharing platform's shares 15% higher successful after-hours trading.

A diminution successful advertizing budgets due to the fact that of decades-high ostentation has roiled net of online players from Alphabet Inc (GOOGL.O) to Meta Platforms Inc (META.O) and Snap Inc . work much

But Pinterest's results amusement its ads concern stayed resilient amid the wider manufacture downturn and radical were inactive engaging with its image-sharing level for inspiration to instrumentality up activities specified arsenic location renovation and recipe-based cooking.

Pinterest returned to idiosyncratic maturation successful the July-September play aft 3 consecutive quarters of decline, with its planetary monthly progressive users rising 2.8% sequentially to 445 million, supra Factset estimates of 437.4 million.

Part of the maturation was fueled by an update to Apple Inc's iOS 16 successful September, concern main Todd Morgenfeld said connected a telephone with analysts.

He added the resilience successful advertisement income was driven by the information that a ample information of Pinterest's advertisement income travel from e-commerce and user goods.

"What wounded Pinterest earlier (during the pandemic) is helping them now," said D.A. Davidson expert Thomas Forte, referring to the company's absorption connected retail and user goods.

"The bigger accidental going guardant is to find a mode to thrust incremental engagement connected the level and get monthly progressive users increasing again and amended monetization since maturation is slowing."

Pinterest's third-quarter gross roseate 8% to $684.6 million. While the gait of maturation was its slowest successful astir 2 years, the fig came successful good supra analysts' mean estimation of $666.7 million, according to Refinitiv.

The company's planetary mean gross per idiosyncratic jumped 11% to $1.56. It earned an adjusted nett of $0.11 per share, supra expert estimates of $0.06 per share.

Reporting by Vansh Agarwal, Shreyaa Narayanan and Eva Matthwes successful Bengaluru; Editing by Anil D'Silva and Shinjini Ganguli

Our Standards: The Thomson Reuters Trust Principles.