Pinterest (PINS) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue rose 21% year-over-year, reaching $854 million to $981 million, with global MAUs up 12% to a record 522 million, and strong growth across all regions and demographics.

• Adjusted EBITDA was $180 million (up 68% year-over-year), with a 21% margin, and net income reached $8.9 million, reversing a prior-year loss.

• Strategic initiatives in AI-driven personalization, curation, and actionability, as well as new advertiser tools, drove user and advertiser value.

• CEO highlighted strong monetization, advertiser performance, and AI-driven innovation.

Financial highlights

• U.S. and Canada revenue: $672.9–$673 million (+19%); Europe: $142.7–$143 million (+25%); Rest of World: $38–$38.1 million (+32%).

• Global ARPU was $1.64 (+8% YoY); U.S. and Canada ARPU: $6.85–$8.07 (+16%), Europe: $1.03–$1.23 (+14%), Rest of World: $0.13 (+13%).

• Cost of revenue was $180 million (+9–10% YoY); non-GAAP operating expenses were $497 million (+13% YoY).

• Net income for Q2 2024 was $8.9 million, compared to a net loss of $34.9 million in Q2 2023.

• Ended Q2 with $2.7–$2.74 billion in cash, cash equivalents, and marketable securities.

Outlook and guidance

• Q3 2024 revenue expected between $885 million and $900 million, representing 16–18% year-over-year growth.

• Q3 non-GAAP operating expenses projected at $485–$500 million (+17–20% YoY), driven by R&D and AI talent investments.

• Adjusted EBITDA margin expansion expected for full year 2024, but at a more modest pace than 2023.

• FX expected to be a 1-point headwind in Q3; guidance does not assume material improvement in food and beverage or significant Performance+ revenue.

• Management expects continued growth in user engagement and monetization, with investments in relevance, personalization, and international expansion.