July 31, 2024 - $Pinterest (PINS.US)$shares slumped 12.5% to $32.68 in pre-market trading on Wednesday. The company has announced financial results for the quarter ended June 30, 2024.

Q2 2024 Financial Highlights

• Q2 revenue grew 21% year over year to $854 million.

• Global Monthly Active Users ("MAUs") increased 12% year over year to 522 million.

• GAAP net income was $9 million for Q2. Adjusted EBITDA was $180 million for Q2.

• Total costs and expenses were $875 million.

“We had another impressive quarter, reporting a 21% increase in revenue and 12% growth in monthly active users globally,” said Bill Ready, CEO of Pinterest. “Our monetization efforts are paying off. 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.”

Q3 Guidance

• Revenue to be in the range of $885 million to $900 million, representing 16-18% ; Analysts expected revenue to be $907.7 million.

• Q3 2024 Non-GAAP operating expenses to be in the range of $485 million to $500 million, representing 17-20% growth year over year. Please note that our operating expense guidance does not include cost of revenue.