Things are looking pretty great for Pinterest once again. The world’s catalog of ideas has just posted its Q3 results, and the future is looking really bright. The latest performance shows an increase in both revenue and users.
According to its Q3 performance results, Pinterest’s revenue grew by 8 percent year over year to $685 million.
“Despite the challenging macro environment, we are delivering performance and a distinct value proposition to advertisers, reaching users across the full funnel,” saidBill Ready, CEO, Pinterest. “Through clear focus on increasing engagement that delights our users, we are deepening our monetization per user, and building personalized and relevant experiences that go from inspiration and intent to action.”
In the US and Canada, the company experienced a 9 percent revenue change, while the rest of the world experienced an 8 percent change.
On monthly active users, Pinterest added 12 million more users in the quarter. This increase took its userbase back up to 445 million monthly active users.
Its major achievement in terms of geography came from the rest of the world category, while it did not do too badly in both the US and Europe. In all, the growth represent a lot of positives for a company that struggled a bit post-covid.
Pinterest benefited largely from online shopping at the peak of the pandemic, but experienced a decline in patronage post-covid. In February, Pinterest’s monthly active user count suffered a downward spiral for the third consecutive quarter. A report that covered Pinterest’s performance in Q4 2021, showed that was the third consecutive time that was happening.
While Pinterest is one of the most visited social media platforms online, the fact that it lost a whopping 47 million users in Q4 is something to worry about. Of course, people are beginning to look elsewhere for their shopping since most countries have relaxed their lockdown rules, losing 47 million users is a huge cause for worry. What this means is that Pinterest is not able to keep hold of its users; though it has been adding some new products and features lately.
In the quarter before that, Pinterest’s MAU dropped to 444 million in Q3, down by 10 million on the previous reporting period. In Q2, the numbers were down 24 million MAUs before that. The social media platform lost some 34 million active users overall after a steady growth stretching two periods.