The FINANCIAL — Pinterest, Inc. (NYSE: PINS) today announced financial results for the quarter ended September 30, 2020.
- Q3 revenue grew 58% year over year to $443 million.
- Global Monthly Active Users (MAUs) grew 37% year over year to 442 million.
- GAAP net loss was $(94) million for Q3. Adjusted EBITDA was $93 million.
“More than ever before, people are coming to Pinterest to get inspiration for their lives—everything from planning early for a socially distant Halloween to creating great home schools for their kids,” said Ben Silbermann, CEO and co-founder, Pinterest. “Our top priority is to continue making Pinterest home to the most inspiring and actionable content. This quarter Pinterest launched a set of tools to empower creators to show and share their ideas with people who are ready to act.”
“The strong momentum our business experienced in July continued throughout the rest of the third quarter. We’re extremely pleased with the broad based strength of our business, driven by recovering advertiser demand as well as positive returns from our investments in advertiser products and international expansion,” said Todd Morgenfeld, CFO and Head of Business Operations, Pinterest.
Q3 2020 Financial Highlights
The following table summarizes our consolidated financial results (in thousands, except percentages, unaudited):
|
|
|
Three Months Ended September 30, |
|
% Change |
|||||||||
|
|
2020 |
|
2019 |
|
|||||||||
|
Revenue |
$ |
442,616 |
|
|
|
$ |
279,703 |
|
|
|
58 |
% |
|
|
|
|
|
|
|
|
||||||||
|
Net loss |
$ |
(94,220 |
) |
|
|
$ |
(124,732 |
) |
|
|
24 |
% |
|
|
|
|
|
|
|
|
||||||||
|
Non-GAAP net income* |
$ |
87,164 |
|
|
|
$ |
5,960 |
|
|
|
1,362 |
% |
|
|
|
|
|
|
|
|
||||||||
|
Adjusted EBITDA* |
$ |
93,042 |
|
|
|
$ |
3,871 |
|
|
|
2,304 |
% |
|
|
Adjusted EBITDA margin* |
21 |
|
% |
|
1 |
|
% |
|
|
||||
|
|
|
|
|
|
|
|
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|
∗ |
|
For more information on these non-GAAP financial measures, please see “—About non-GAAP financial measures” and the tables under “—Reconciliation of GAAP to non-GAAP financial results” included at the end of this release. |
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Q3 2020 Other Highlights
The following table sets forth compay’s revenue, MAUs and average revenue per user (“ARPU”) based on the geographic location of Pinterest’s users (in millions, except ARPU and percentages, unaudited):
|
|
Three Months Ended September 30, |
|
% Change |
|||||
|
|
2020 |
|
2019 |
|
||||
|
Revenue – Global |
$ |
443 |
|
$ |
280 |
|
58 |
% |
|
Revenue – United States |
$ |
374 |
|
$ |
251 |
|
49 |
% |
|
Revenue – International |
$ |
69 |
|
$ |
28 |
|
145 |
% |
|
|
|
|
|
|
|
|||
|
MAUs – Global |
442 |
|
322 |
|
37 |
% |
||
|
MAUs – United States |
98 |
|
87 |
|
13 |
% |
||
|
MAUs – International |
343 |
|
235 |
|
46 |
% |
||
|
|
|
|
|
|
|
|||
|
ARPU – Global |
$ |
1.03 |
|
$ |
0.90 |
|
15 |
% |
|
ARPU – United States |
$ |
3.85 |
|
$ |
2.93 |
|
31 |
% |
|
ARPU – International |
$ |
0.21 |
|
$ |
0.13 |
|
66 |
% |
Outlook
Pinterest’s current expectation is that Q4 revenue will grow around 60% year over year, a modest acceleration compared to growth rate in Q320. Company continues to navigate uncertainty given the ongoing COVID-19 pandemic and other factors.
Pinterest is also operating in a more remote working environment while maintaining investments in the long-term strategic priorities of the company. Company continues to evaluate spending as the situation evolves.
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