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Pinterest (PINS) Tops Q2 EPS by 6c, Revenues Beat

July 31, 2020 7:31 AM EDT

Pinterest (NYSE: PINS) reported Q2 EPS of ($0.07), $0.06 better than the analyst estimate of ($0.13). Revenue for the quarter came in at $272 million versus the consensus estimate of $251.24 million.

  • Q2 revenue grew 4% year over year to $272 million.
  • Global Monthly Active Users (MAUs) grew 39% year over year to 416 million.
  • GAAP net loss was $(101) million for Q2. Adjusted EBITDA was $(34) million.

“This quarter we reached a milestone—more than 400 million people now come to Pinterest every month to get and stay inspired,” said Ben Silbermann, CEO and co-founder, Pinterest. “In these tough times, we’re seeing more and more people rely on Pinterest to cook at home, plan kids activities and set up a home office. Businesses are helping them turn their ideas into reality as people are increasingly discovering and buying products on Pinterest.”

“By all accounts, this was a challenging quarter as COVID-19 continued to spread. I’m pleased with the way we responded and remained engaged with our advertising partners,” said Todd Morgenfeld, CFO and Head of Business Operations, Pinterest. “It has been encouraging to see the recovery in our business over the past few months, but there is still a tremendous amount of uncertainty and work to be done.”

Outlook

Given the continued uncertainties related to the ongoing COVID-19 pandemic and the rapidly shifting macroeconomic conditions, we are not providing guidance expectations for revenue or Adjusted EBITDA for full year 2020.

We estimate, on a preliminary basis, year-over-year revenue growth for the month of July to be about 50% through July 29th. We are encouraged by the performance of our business in July, but a tremendous amount of uncertainty remains given the ongoing COVID-19 pandemic and other factors. Our current expectation is that Q3 revenue will grow in the mid-30% range year over year. We also continue to evaluate our levels of spending as the environment evolves. We want to remain prudent in the near-term while ensuring we invest in and prioritize the long-term growth of the company.

We intend to provide further detail on recent trends and on our outlook during the conference call.

We remain committed to our priorities of content, ads diversification, use case expansion and shopping. Today more than ever, Pinterest is a place to inspire people with helpful and actionable information while helping business partners succeed with the tools and insights they need most.

For earnings history and earnings-related data on Pinterest (PINS) click here.



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