Pinterest beat analysts’ growth projections for monthly active users (MAUs), average revenue per user (ARPU), overall revenue, and adjusted earnings per share in the third quarter.
The social platform saw global MAUs rise to 442 million, up 37%, and U.S MAUs rise 13%, to 98 million.
Global ARPU grew 15%, to $1.03, and U.S. ARPU rose 31%, to $3.85.
Global revenue jumped 58%, to $443 million, and U.S. revenue rose 49%, to $374 million.
Adjusted EPS was $0.13, versus $0.03 expected by Refinitiv, and adjusted EBITDA was $93 million, up from $3.9 million year ago.
The company’s net loss decreased 24%, to $94.2 million.
“The strong momentum our business experienced in July continued throughout the rest of the third quarter,” stated Todd Morgenfeld, CFO and head of business operations, Pinterest. “We’re extremely pleased with the broad-based strength of our business, driven by recovering advertiser demand as well as positive returns from our investments in advertiser products and international expansion.”
Pinterest now projects that Q4 revenue will grow by about 60% year-over-year, a “modest acceleration” compared to Q3.
“We continue to navigate uncertainty given the ongoing COVID-19 pandemic and other factors,” the company stated. “We’re also operating in a more remote working environment while maintaining investments in the long-term strategic priorities of the company. We continue to evaluate our spending as the situation evolves.”