Last week, Meta and Snap said in their earnings reports they were experiencing some unpredictability due to the Israel-Hamas war.A banner for the online image board Pinterest Inc. hangs from the New York Stock Exchange on the morning Pinterest made its initial public offering, April 18, 2019.reported third-quarter earnings on Monday that beat on the top and bottom lines. The stock jumped more than 11% in extended trading.
"As we lean into Pinterest's unique differentiators as a visual search, discovery, and shopping platform, we're finding our best product market fit in years," Pinterest CEO Bill Ready said in a statement. "Our users are engaging deeply and we're delivering better results for advertisers through improved measurement and innovation across the full funnel."
For the fourth quarter, Pinterest said it expects revenue growth of 11% to 13%. The midpoint is higher than analyst estimates, which call for growth of 11.3%, according to LSEG.
Pinterest reported a net income for the third quarter of $6.73 million, or a penny a share, compared with a loss of $65.2 million, or 10 cents a share, a year earlier. The company's expenses in the quarter rose nearly 2% to $768.2 million from the $753.9 million a year earlier. The company said that its fourth quarter 2023 non-GAAP operating expenses, which don't include the costs of revenue, will decline in the range of 9% to 13% year over year.
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