Pinterest’s revenue jumped 12% to $981 million in Q4, 2023.
Ad earnings surged as the platform’s global monthly active users increased 11% year-on-year to reach an all-time high of 498 million.
The company credited its success in part to launching a record number of ad solutions that have been utilized by brands to enhance campaign performance.
Why we care. For advertisers looking to diversify their ad spend, Pinterest emerges as a promising investment option, showcasing better-than-expected performance. The notable surge in global monthly active users indicates the platform’s substantial potential for advertisers in terms of extended reach.
Looking ahead: Pinterest has said that it is expecting growth of 15-17% year-on-year for the first quarter of 2024, with revenue to be in the range of $690 million to $705 million. The company is also forecasting non-GAAP operating expenses to be in the range of $450 million to $465 million, representing 9-13% growth year over year.
What Pinterest is saying. Bill Ready, CEO of Pinterest, said:
- “Our users are engaging deeply and we’re delivering better results for advertisers through improved measurement and innovation across the full funnel.”
- “We had a strong Q4, bookending a transformative year for Pinterest. 2023 was our most productive year yet as we accelerated our product velocity and launched more solutions than ever before.”
- “Brands are responding by using our full suite of products to drive even better campaign performance. Pinterest is the rare business where the interests of users and advertisers are aligned.”
- “It’s proven to be true as we continue to post double-digit revenue growth and have achieved an all-time high for global MAU.”
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Earnings report. You can read Pinterest’s Q4 2023 results report in full for more information.