Pinterest Reports Higher Q4 2023 Revenue, Falls Short of Expectations

Pinterest, the popular social-media platform, has released its financial results for the fourth quarter ending December 31, 2023. While the company experienced growth in revenue and earnings, it failed to meet Wall Street's estimates.

Revenue and Earnings

Pinterest reported a net income of $201.2 million, or 29 cents per share, compared to $17.5 million, or 3 cents per share, in the same period last year. Adjusted earnings were recorded at 53 cents per share, surpassing analysts' estimates of 52 cents per share.

The company's revenue increased from $877.2 million to $981.3 million. However, this fell short of analysts' expectations of $991.3 million, based on a FactSet poll.

User Growth

Despite missing revenue estimates, Pinterest saw a growth in monthly active users. The platform's user base increased by 11% from the previous year, reaching a total of 498 million active users.

Future Outlook

Pinterest aims to continue its momentum in the coming year. Chief Executive Bill Ready stated that recent changes within the company have enhanced its strength and efficiency, positioning it for further success in 2024.

Q1 Forecast

For the first quarter of 2024, Pinterest forecasts revenue between $690 million and $705 million. However, analysts polled by FactSet had anticipated a higher figure of $702.3 million.