Here is what he reported:
- Adjusted earnings per share: 25 cents against 13 cents planned by Refinitiv
- Income: $ 613 million vs. $ 562.1 million forecast by Refinitiv
- Monthly active users: 454 million against 482 million planned by StreetAccount
- Average income per user: $ 1.32 vs. $ 1.17 forecast by StreetAccount
Pinterest reported 454 million monthly active users, down more than 5% from the 478 million reported by the company in April. The company said as of July 27, its US MAUs have declined by about 7%, while global MAUs have increased by about 5% year-over-year.
By comparison, others in the social media market have also struggled to meet user growth expectations. Last week, Twitter came in just below its expectations for mDAU while Facebook on Wednesday met its expectations for DAU exactly while falling just short of expectations for MAU. Snap last week, however, managed to exceed its expectations for the DAU.
The company attributed its drop in user numbers to a disproportionate increase in usage in 2020 as people were stranded at home due to the Covid-19 pandemic.
“As of mid-March, however, we felt the engagement on Pinterest was disproportionate as people started spending more time socializing with friends outside of their homes, eating out and participating. generally to activities that are not our primary use cases, ”the company said. in a letter to shareholders.
The company reported revenue of $ 613 million for the quarter, up more than 125% from the previous year. Pinterest also posted a net profit of $ 69.4 million. A year ago, the company posted a net loss of over $ 100.7 million.
Pinterest also provided an estimate of third quarter revenue growth “within 40 years” year over year. That roughly matched Refinitiv’s expectation of 42.8% year-over-year revenue growth for the coming quarter.
However, the company declined to provide MAU guidance for the third quarter due to the unknown impact of the Covid-19 variants.
“The evolution of the COVID-19 pandemic and the associated restrictions remain unknown, and we are not providing guidance on Q3 2021 MAUs given our lack of visibility on some key drivers of engagement,” said the company said in a statement.