Pinterest Inc. said on Thursday that its revenue in the third quarter of its fiscal 2024 increased by 18% year over year to $898 million.
Net income was $31 million, 354% higher compared to the same three-month period in 2023, while the number of global monthly active users (MAUs) rose by 11% to 537 million. Diluted net earnings per share went to $0.04 in the three months that ended on September 30, from the $0.01 recorded in the third trimester of 2023. Loss from operations increased 20% to land at $6 million from the $5 million from the previous year.
"We delivered another strong quarter with users reaching another all-time high of 537 million and revenue growth at 18%," CEO Bill Ready noted. "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. Advertisers are increasingly relying on Pinterest to engage our growing audience who see us as a great place to find inspiration, curate and shop."