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Pinterest beats third-quarter estimates on ad market recovery

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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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Pinterest's stock surges 12% on jump in revenue, earningsJon Swartz is a senior reporter for MarketWatch in San Francisco, covering many of the biggest players in tech, including Netflix, Facebook and Google. Jon has covered technology for more than 20 years, and previously worked for Barron's and USA Today. Follow him on Twitter jswartz.
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