Market Overview

Pinterest Announces Third Quarter 2019 Results

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Pinterest, Inc. (NYSE:PINS) today announced financial results for the quarter ended September 30, 2019.

  • Q3 revenue grew 47% year-over-year to $280 million.
  • Global Monthly Active Users (MAUs) grew 28% year over year to 322 million.
  • GAAP net loss was $125 million. Adjusted EBITDA was $4 million.

"In Q3, we redesigned Pinterest to make the service more intuitive and improved recommendations quality to help people discover new ideas they didn't know about before," said Ben Silbermann, Pinterest CEO and Co-founder. "We are also expanding the number of shoppable products on Pinterest, which makes it easy for our users to go from inspiration to action."

"In the third quarter, revenue grew 47% year over year and MAUs grew 28% to 322 million. We saw double-digit user growth in nearly all international countries," said Todd Morgenfeld, Pinterest CFO. "We are thrilled to serve Pinterest ads in 28 markets currently, compared to seven at the end of 2018. Pinterest also realized adjusted EBITDA profitability in Q3."

Q3 2019 Financial Highlights

The following table summarizes our consolidated financial results (in thousands, except percentages, unaudited):

 

 

Three Months Ended

September 30,

 

% Change

 

2019

 

2018

 

Revenue

$

 

279,703

 

 

$

 

190,197

 

 

47

%

 

 

 

 

 

 

Net loss

$

 

(124,732

)

 

$

 

(18,874

)

 

(561

)%

 

 

 

 

 

 

Non-GAAP net income (loss)*

$

 

5,960

 

 

$

 

(14,912

)

 

140

%

 

 

 

 

 

 

Adjusted EBITDA*

$

 

3,871

 

 

$

 

(13,426

)

 

129

%

Adjusted EBITDA margin*

 

1

%

 

 

(7

)%

 

 

 

 

 

 

 

 

* For more information on these non-GAAP financial measures, please see "―About non-GAAP financial measures" and the tables under "―Reconciliation of GAAP to non-GAAP financial results" included at the end of this release.

Q3 2019 Other Highlights

The following table sets forth our revenue, MAUs and average revenue per user ("ARPU") based on the geographic location of our users (in millions, except ARPU and percentages, unaudited):

 

Three Months Ended

September 30,

 

% Change

 

2019

 

2018

 

Revenue - Global

$

 

280

 

 

$

 

190

 

 

47

%

Revenue - United States

$

 

251

 

 

$

 

181

 

 

39

%

Revenue - International

$

 

28

 

 

$

 

9

 

 

212

%

 

 

 

 

 

 

MAUs - Global

 

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