{"id":7417,"date":"2023-10-31T04:57:05","date_gmt":"2023-10-31T04:57:05","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/pinterest-beats-quarterly-estimates-on-ad-market-recovery-shares-up\/"},"modified":"2023-10-31T04:57:06","modified_gmt":"2023-10-31T04:57:06","slug":"pinterest-beats-quarterly-estimates-on-ad-market-recovery-shares-up","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7417","title":{"rendered":"Pinterest beats quarterly estimates on ad market recovery; shares up"},"content":{"rendered":"
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\u00a9 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<\/span>
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(Reuters) -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, sending its shares up 13% in aftermarket trading.<\/p>\n

The company expects adjusted core earnings margin of about 600 basis points for 2023 compared with its prior expectation of about 400 basis points, Pinterest (NYSE:) CFO Julia Donnelly said on an earnings call.<\/p>\n

The results fan optimism about a market rebound after major industry players Alphabet (NASDAQ:), Meta Platforms (NASDAQ:) and Snap all surpassed quarterly revenue expectations last week on the back of a pick up in their advertising business.<\/p>\n

They also suggest that a push to drive up shopping on the Pinterest app through partnerships with the likes of Amazon.com (NASDAQ:) was paying off for the company that lets users create online pinboards.<\/p>\n

“Pinterest has a number of company-specific efforts underway, including improving the efficacy of its ads when it comes to conversion, that’s enabling it to outperform right now,” DA Davidson analyst Tom Forte said.<\/p>\n

Brokerages including Bernstein have been optimistic about the benefits from the partnership, saying it could drive up Pinterest’s fourth-quarter revenue. The San-Francisco, California-based company’s revenue rose 11.5% to $763.2 million for the quarter ended Sept. 30, compared with Wall Street estimates of $743.5 million, according to LSEG data.<\/p>\n

Global monthly active users (MAUs) on the image-sharing platform rose 8% to 482 million.<\/p>\n

Excluding items, Pinterest earned a profit of 28 cents per share, compared with analysts’ estimates of 20 cents a share.<\/p>\n

The company expects current-quarter revenue to grow in the 11-13% range year-over-year, compared with estimates of revenue growth of 11.3%.<\/p>\n

CEO Bill Ready said Pinterest faced “minor short-term impact” due to the Middle East conflict as some brands paused advertising spend temporarily. <\/p>\n

“But we’ve since seen those advertisers largely return.”<\/p>\n

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.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023….<\/p>\n","protected":false},"author":1,"featured_media":3701,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":{"0":"post-7417","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stocks"},"yoast_head":"\nPinterest beats quarterly estimates on ad market recovery; shares up | inFundPros<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. 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