Q2 2024 Pinterest Inc Earnings Call Transcript
Key Points
- Pinterest Inc (PINS) achieved a record high of 522 million global monthly active users (MAUs), growing 12% year over year.
- Q2 revenue reached $854 million, up 21% year over year, driven by strong performance in lower-funnel ad offerings.
- Adjusted EBITDA for Q2 was $180 million, with a 21% margin, up 600 basis points from the previous year.
- Significant improvements in AI and automation tools, including the launch of Performance+, which has shown promising early results.
- Increased engagement and actionability on the platform, with outbound clicks to advertisers more than doubling year over year for the third consecutive quarter.
- Despite improvements, the US user growth remains relatively flat, indicating challenges in mature markets.
- Ad pricing declined 11% year over year, influenced by lower average pricing in newly monetized markets and third-party ad impressions.
- Revenue growth in the food and beverage category remains soft due to broader industry headwinds.
- Q3 revenue guidance reflects a deceleration to 16-18% growth year over year, partly due to tougher comps and a 1-point headwind from foreign exchange rates.
- The rollout of new ad products like Performance+ is expected to be a multi-quarter process, potentially delaying immediate revenue benefits.
Hello, everyone. Thank you for attending today's Pinterest second quarter 2024 earnings call. My name is Sierra, and I will be your moderator for today. (Operator Instructions)
I would now like to pass the conference over to our host, Andrew Somberg, Vice President of Investor Relations and Treasury. Please proceed.
Good afternoon, and thank you for joining us. Welcome to Pinterest earnings call for the second quarter ended June 30, 2024. My name is Andrew Somberg, and I'm Vice President of Investor Relations and Treasury for Pinterest. Joining me on today's call are Bill Ready, Pinterest's CEO and; Julia Donnelly, our CFO.
This conference call is being webcast and we are also providing a slide presentation to accompany our commentary. Please refer to our Investor Relations website at investor.pinterestinc.com to find today's presentation, webcast, and earnings press release.
Some of the statements that we make today regarding our performance, operations, and outlook may be
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