Pinterest reported first-quarter results that beat analyst estimates on May 23, 2024, with revenue rising 18% year on year and shares climbing 17% following the earnings announcement and raised second-quarter guidance, according to CNBC.
Financial Performance
Revenue reached US$855 million versus LSEG estimates of US$847 million. Adjusted EBITDA came in at US$207 million, beating a US$176 million estimate.
The company posted a net loss of US$73.6 million, or 12 cents a share, compared with net income of US$8.9 million a year earlier.
User Growth and Revenue Metrics
Global monthly active users rose 11% to 631 million. Average revenue per user came in at US$1.61.
Second-Quarter Guidance
Pinterest forecast second-quarter revenue of US$1.13 billion to US$1.15 billion and adjusted EBITDA of US$256 million to US$276 million, exceeding Wall Street forecasts.
AI-Focused Restructuring Context
The strong earnings report follows Pinterest’s announcement of a restructuring that would cut less than 15% of its staff. The company shifted money and people toward AI product and engineering work, including an AI-powered shopping assistant. Pinterest said the restructuring would bring US$35 million to US$45 million in pre-tax charges and back its “AI-forward strategy.” The results may give investors more confidence that the overhaul is starting to pay off.
Pinterest is part of a wider tech pattern where companies tie layoffs to a move into AI. Some experts are skeptical and say some firms may be “AI-washing,” using AI language to explain what are still standard cost cuts. Amazon earlier said it would cut about 14,000 corporate jobs, nearly 4% of its workforce, while raising AI spending and cutting costs in other areas. Pinterest’s results may strengthen the appeal of that approach, which could displace more workers in older tech roles and sharpen competition for scarce AI talent.
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