As of September 30, 2024, Pinterest, Inc. reported significant financial improvements compared to the same period in the previous year. The company achieved revenue of $898.4 million for the third quarter, marking an 18% increase from $763.2 million in Q3 2023. For the nine months ended September 30, 2024, revenue reached $2.49 billion, up 20% from $2.07 billion in the prior year. This growth was driven by an 11% increase in Monthly Active Users (MAUs) and a 5% rise in Average Revenue Per User (ARPU).
Despite the revenue growth, total costs and expenses also increased, totaling $904.3 million for Q3 2024, compared to $768.2 million in Q3 2023. For the nine-month period, expenses rose to $2.57 billion from $2.40 billion. The increase in costs was attributed to higher research and development expenses, which grew by $62 million in Q3 2024, primarily due to increased personnel costs and share-based compensation.
Pinterest reported net income of $30.6 million for Q3 2024, a substantial increase from $6.7 million in Q3 2023. For the nine months, the company posted a net income of $14.6 million, a significant recovery from a net loss of $236.8 million in the same period last year. Adjusted EBITDA for Q3 2024 was $242.1 million, up from $184.7 million in Q3 2023, reflecting a 31% increase.
The company’s balance sheet showed total current assets of $3.23 billion as of September 30, 2024, down from $3.34 billion at the end of 2023. Cash and cash equivalents decreased to $1.04 billion, while marketable securities increased to $1.41 billion. Total liabilities rose to $597.3 million, up from $503.7 million at the end of 2023, with current liabilities increasing significantly.
In terms of strategic developments, Pinterest authorized a new stock repurchase program in November 2024 for up to $2 billion, canceling the previous program that had $500 million remaining. The company repurchased 15.9 million shares for $500 million during the nine months ended September 30, 2024.
As of September 30, 2024, Pinterest had 674.98 million shares of Class A and Class B common stock outstanding, with Class B shareholders controlling approximately 73.6% of the voting power. The company continues to face challenges, including rising labor costs and regulatory compliance issues, which may impact future growth and profitability.
About PINTEREST, INC.
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