The company expects an adjusted core earnings margin of about 600 basis points for 2023 compared with its prior expectation of about 400 basis points, Pinterest chief financial officer Julia Donnelly said. — Reuters
NEW YORK: Pinterest beat estimates for third quarter revenue and profit, as a stabilising digital advertising market helped draw marketers to the image-sharing platform, sending its shares up 13% in aftermarket trading.
The company expects an adjusted core earnings margin of about 600 basis points for 2023 compared with its prior expectation of about 400 basis points, Pinterest chief financial officer Julia Donnelly said on an earnings call.
The results fan optimism about a market rebound after major industry players Alphabet, Meta Platforms and Snap all surpassed quarterly revenue expectations last week on the back of a pick-up in their advertising business.
They also suggest that a push to drive up shopping on the Pinterest app through partnerships with the likes of Amazon.com was paying off for the company that lets users create online pinboards.
“Pinterest has a number of company-specific efforts that’s enabling it to outperform right now,” DA Davidson analyst Tom Forte said. — Reuters
