Pinterest revenues beat Meta, Snap and Alphabet bucking ad decline spend

Published: 31-Oct-2022

The virtual pinboard beat analyst expectations and saw shares soar

Pinterest's Q3 2022 results have outpaced social media competitors Meta and Snap. 

The virtual pinboard service reported an 8% uptick in revenues to US$684m, beating analyst expectations. 

Despite Pinterest reporting a net income loss of $65m, shares soared by 12%. 

Gen Z is a growing demographic on the platform and an attractive consumerbase for marketers. 

“Despite the challenging macro environment, we are delivering performance and a distinct value proposition to advertisers, reaching users across the full funnel," said Bill Ready, CEO of Pinterest.

"Through clear focus on increasing engagement that delights our users, we are deepening our monetisation per user, and building personalised and relevant experiences that go from inspiration and intent to action.”

Pinterest's earnings bucked the trend of advertisers pulling spend from social media platforms. 

Facebook and Instagram owner Meta, in comparison, saw $80bn wiped off its market value after it reported its second quarterly revenue decline and reduced its annual earnings outlook.

Snap and Google's Alphabet both reported missed earnings as they also battle dwindling ad revenues. 

Snap confirmed revenue miss of $1.13bn. The search engine giant, meanwhile, confirmed Q3 revenues of $54.48bn compared with $53.13bn in 2021, but came in below analysts’ expectations.

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