Pinterest topped second-quarter revenue projections on Tuesday as monthly active users increased and digital advertising recovered from a slump caused by an uncertain economy.
The quarterly results of tech titans Meta Platforms and Alphabet had also indicated a fledgling revival in business ad spending, driven by indicators of cooling inflation and improved consumer confidence, reported Reuters.
According to Refinitiv statistics, Pinterest’s revenue for the quarter that ended June 30 increased 6% to $708 million, compared to market projections of $696.1 million.
Global monthly active users on the platform increased 8% year on year to 465 million, exceeding projections of 462.8 million.
Pinterest earned 21 cents per share in quarterly adjusted profit, up from 11 cents a year ago.
Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon
