Pinterest beats third-quarter estimates on ad market recovery

© Reuters. FILE PHOTO: A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. REUTERS/Dado Ruvic/Illustration/File Photo -Pinterest beat estimates for third-quarter revenue and profit on Monday, as a stabilizing digital advertising market helped draw marketers to the image-sharing platform ahead of the holiday season.) and Snap all surpassed quarterly revenue expectations last week on the back of a pick up in their advertising business.

The company expects current-quarter revenue to grow in the 11-13% range year-over-year, compared with estimated revenue growth of 11.3% growth. CEO Bill Ready, at Pinterest's first investor day held last month, said the company expects to grow revenue in the mid-to-high teens and improve its adjusted EBITDA margin to low 30% range in next three to five years.

Last month, media research and investment firm Magna raised its forecast for U.S. ad spending growth to 5.2% from 4.2%, for calendar 2023. It expects digital ad sales to rise 9.6% in the period.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other.

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