(AOF) – Pinterest fell 4.61% to 27.65 dollars on the New York Stock Exchange. The image platform, however, posted revenues up 6% to $708 million for the second quarter against 696 million consensus and 665 million euros a year ago at the same period. Adjusted earnings per share are 21 cents against forecasts set at 12 cents. In addition, Pinterest reduced its losses in the second quarter by 19% from 43 to 34.9 million euros over one year. The group posted net profit (non-GAAP) up 84% to $142 million.
Its adjusted Ebitda jumped 16% to $107 million.
Pinterest’s chief financial officer, Julia Donnelly, said its adjusted core profit margin would be “about 400 basis points” higher for the current fiscal year. It was 16% in 2022.
The group therefore anticipates an increase in its margin for the whole of the year, thanks to a recovery in the advertising market and a drop in its costs.
“Consistent with the previous quarter, in the second quarter we continued to grow our overall ad impressions by more than 30%,” said Pinterest CEO Bill Ready.
“We are also leveraging next-gen AI (artificial intelligence) on our advertising products and seeing a profound impact on our advertising capabilities,” he added.
Additionally, monthly active users (MAUs) on the platform rose 8% to 465 million from a year ago, above an estimate of 462.8 million.
On the outlook side, Pinterest is aiming for 7-9% revenue growth for the third quarter compared to the previous year. According to its estimates, its operating expenses (non-GAAP) over the next quarter will grow between 1 and 3% compared to the previous year.
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