Social media platform Pinterest posted a 17% increase in revenue to $998 million in the June quarter, beating its own forecast and market analyst expectations.
The result was boosted by AI-powered shopping tools and international growth.
Global monthly active users increased 11% to 578 million.
“Three years into our business transformation, I’ve never been more confident in Pinterest’s ability to deliver for our users and advertisers,” said Bill Ready, CEO of Pinterest.
“We’ve found our best product market fit ever by becoming a personalised shopping destination for users and an AI-powered performance platform for advertisers. With this focus, we believe we’re well-positioned to further capture market share.”
In ANZ, clicks and saves on Shoppable Pins grew by 61% and Boards created grew by 74%
Melinda Petronuff, Pinterest’s ANZ managing director, said more than half of users are Gen Z
“It’s also inspiring to see local brands embracing Pinterest,” she said.
“For example, Cotton On Group recent summer campaign using Premier Spotlight achieved a 3x boost in conversion rate and better ROAS across the board. Such a proud moment to see Australian businesses succeeding with us.”
Pinterest expects revenue in the September quarter to be in the range of $1.033 billion to $1.053 billion, representing 15% to 17% growth.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.