Benzinga - by Chris Katje, Benzinga Staff Writer.
Social media company Pinterest Inc (NYSE:PINS) reported third-quarter financial results after the market close Monday.
Here are the key highlights.
What Happened: Pinterest reported third-quarter revenue of $763 million, which was up 11% year-over-year. The revenue total beat a Street consensus estimate of $743.5 million, according to data from Benzinga Pro.
The company reported net income of $7 million and adjusted EBITDA of $185 million for the third quarter.
Adjusted earnings per share of 28 cents in the third quarter beat a Street estimate of 20 cents per share.
The company broke out revenue by geographical region, with the following results:
U.S. and Canada: $618 million, +8% year-over-year
Europe: $114 million, +33% year-over-year
Rest of World: $31 million, +29% year-over-year.
Pinterest reported global monthly active users of 482 million, which was up 8% year-over-year. Monthly active users were also broken out by geographical region with the following results:
U.S. and Canada: 96 million monthly active users, +1%
Europe: 128 million monthly active users, +7% year-over-year
Rest of World: 258 million monthly active users, +12% year-over-year
The company had average revenue per user of $1.61, which was up 3% year-over-year.
"We continued to accelerate the business in Q3," Pinterest CEO Bill Ready said. "We are driving strong revenue performance, robust global MAU growth, and substantial margin expansion."
Related Link: Pinterest Q3 Earnings Preview: Spotlight On Amazon Partnership, Global User Revenue
What's Next: Pinterest is guiding for fourth-quarter revenue to be up 11% to 13% year-over-year.
"As we lean into Pinterest's unique differentiators as a visual search, discovery, and shopping platform, we're finding our best product market fit in years," Ready said. "Our users are engaging deeply and we're delivering better results for advertisers through improved measurement and innovation across the full funnel."
Ready added that the company is making "significant progress" and will continue to "execute on the opportunity ahead."
PINS Price Action: Pinterest shares are up 11.16% to $27.90 in after-hours trading Monday versus a 52-week trading range of $20.60 to $30.86.
Read Next: Roughly 40-45% Of Pinterest User Base In Unexplored Regions Will Boost Revenue – This Analyst Presents Bullish Case
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