$Pinterest (PINS.US)$ announced Q3 adjusted EPS of $0.40 vs. estimates of $0.34. The firm said revenue came in at $898.37M vs estimates of $896.3M.
Pinterest posted higher revenue and profit in the third quarter as an increasing number of advertisers flocked to the social-media platform, which continues to add users thanks to its artificial-intelligence initiatives.
"Our AI investments are driving results by powering better personalized experiences and greater performance for advertisers, with our lower-funnel ad tools being the fastest-growing part of our business," Chief Executive Bill Ready said.
The platform now has 537 million monthly active users, up nearly 4% sequentially and 11% from the prior year. Ready said this figure represents an all-time high for the company.
At the end of the third quarter, Pinterest reported 99 million monthly active users in the U.S. and Canada, up 3% from last year, and 139 million monthly active users in Europe, representing an 8% increase from the prior year.
The majority of its growth came from the rest of the world, where monthly average users increased 16% to 300 million.
In the recent quarter, the company posted net income of $30.6 million, or 4 cents a share, compared with $6.7 million, or 1 cent a share, in the same quarter last year.
Adjusted per-share earnings came in at 40 cents, ahead of the 34 cents that analysts polled by FactSet were expecting.
Revenue jumped 18%, to $898.4 million, just beating the $896.9 million that Wall Street forecast, according to FactSet.
Sales across the U.S. and Canada grew 16%, to $719 million, while European sales increased 20%, to $137 million. Across the rest of the world, revenue jumped 38%, to $42 million.
For the fourth quarter, Pinterest expects revenue to grow between 15% and 17% from last year, or to between $1.13 billion and $1.15 billion, in line with analyst expectations.
