Pinterest Inc (NYSE:PINS) reported third quarter 2023 revenue that rose 11% year over year to $763 million along with adjusted earnings per share (EPS) of $0.28.
Analysts expected adjusted EPS of $0.20 on $743.3 million in revenue, according to LSEG.
Shares of Pinterest climbed as much as 10% in Monday’s after-hours trading session.
"We are driving strong revenue performance, robust global MAU (Monthly Active Users) growth, and substantial margin expansion," Pinterest CEO Bill Ready said in a statement.
The company’s global MAUs for the period improved 8% year over year to 482 million, a record high.
During 2Q, the company also posted better-than-expected results on both its top and bottom lines but its total costs and expenses for the period increased 11% year over year to $781 million, growing at a faster rate than its revenue.
Its expenses for 3Q, however, did decline sequentially to $768 million.
Looking ahead, Pinterest said it expects its 4Q revenue to increase 11% to 13% year over year and its adjusted operating expenses to decline 9% to 13%.
Shares of Pinterest have gained 10% year to date as of Monday’s closing price.
Contact Sean at sean@proactiveinvestors.com