Pinterest has reported positive results for the second quarter of the year.
The social network’s revenues globally rose 21% year-on-year to US$854 million. Revenues in the U.S. and Canada, its largest revenue contributing region, rose 19% to US$673 million, compared to the second quarter of 2023, when the company recorded US$565 million. However, the rest of the world grew the most, with revenues of US$38 million, up 32% year-on-year. Europe saw a 25% growth.
The platform also reported an increase in monthly active users; these rose by 12% to 522 million globally. In the U.S. and Canada, in particular, they increased 3% to 98 million. Its marketing revenue was US$265 million, up from US$243 million last year.
In the financial report, Pinterest CEO Bill Ready said the company’s monetization efforts, such as the introduction of the Board Sharing (a feature that allows sharing boards in video format), drove growth during the quarter. “Advertisers are seeing improved performance across key objectives on Pinterest – from brand awareness to conversion – as we continue to roll out AI-powered products and experiences. As a result, we’re gaining share of advertising budgets with some of the world’s largest brands. I’m proud of our pace of innovation as we execute against the opportunity ahead.”
The app has also been rolling out other AI-based features, such as Pinterest Ad Labs, a new program for brands to test prototypes and advertising tools, and other tools that allow users to choose the skin tones, hair kinds, and body types they wish to see in their search results.
During a call with analysts, Julia Brau Donnelly, the social network’s chief financial officer, stated that the technology, auto, and financial services sectors were sources of strength for the company’s online advertising business. However, growth in those industries “was partially offset by softness within specifically food and beverage advertisers, who are navigating broader headwinds within that category.”
Revenues for the third quarter are expected to range between US$885 million and US$900 million, representing a 16% to 18% year-over-year increase.
