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The company returned to user growth in the third quarter, with its global monthly active users rising 2.8% sequentially to 445 million, which was above Factset estimates of 437.4 million.
Its third-quarter revenue rose 8% to $684.6 million. While the pace of growth was slowest in nearly two years, the figure came in well above the $666.7 million expected by analysts, according to Refinitiv data.
Decades-high inflation is forcing companies to make cuts to their marketing budgets this year, driving online player such as Alphabet (NASDAQ:GOOGL) Inc, Meta Platforms Inc and Snap Inc (NYSE:SNAP) to intensely compete for shrinking ad dollars.
But the results show that people are still engaging with Pinterest (NYSE:PINS)’s platform for inspiration to take up activities such as home renovation and recipe-based cooking.
Pinterest’s global average revenue per user (ARPU) jumped 11% to $1.56 in the quarter.
The company posted a net loss of $65.2 million, or 10 cents per share, in the quarter ended Sept. 30, compared with a profit of $94 million, or 14 cents per share, a year earlier.
Pinterest said it was expecting revenue growth in mid-single-digit percentage in the current quarter, due to slightly greater foreign exchange headwinds than in the third quarter.
