Pinterest ( NYSE: PINS ) has jumped 15% off a third-quarter earnings report where the company maintained users in the face of declines and beat revenue and profit expectations.
“Despite the challenging macro environment, we are delivering performance and a distinct value proposition to advertisers, reaching users across the full funnel," says new CEO Bill Ready.
Revenues rose 8% to $685M, as strength in its domestic markets mitigated a decline in Europe. Sales in the U.S. and Canada rose 9% to $575M, while European sales fell 4% to $86M. Rest of World revenues rose 36%, to $24M.
Global monthly active users held serve, flat at 445M from the prior year. A decline in the U.S. of 3M (to 95M) was made up with gains in bigger user bases globally: Europe MAUs rose 1% to 120M, while Rest of World MAUs rose 1% to 230M.
Average revenue per user jumped 11% to $1.56. In the U.S./Canada it was up 15% to $6.13; in Europe, it fell 3% to $0.72; and in Rest of World, ARPU jumped 38% to $0.11.
Pinterest ( PINS ) is guiding to mid-single-digit growth in fourth-quarter revenues, in line with analyst consensus, after warning about "slightly greater foreign exchange headwinds" than in Q3. It also says operating expenses will grow low double digits sequentially, and for the full year it sees those costs growing 35% year-over-year.
Conference call to come at 4:30 p.m. ET .
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Pinterest zooms 15% as steady user numbers power financial Q3 beat