By Katherine Hamilton
Pinterest's revenue rose in the fourth quarter as monthly active users reached an all-time high, though adjusted earnings missed Wall Street's expectations.
The San Francisco-based social media company said its profit rose to $1.85 billion, or $2.68 a share, in the three months ended Dec. 31, from $201.2 million, or 29 cents a share, a year earlier. The sharp increase was partly due to a $1.6 billion evaluation allowance, Pinterest said.
Stripping out certain one-time items, adjusted per-share earnings were 56 cents, behind the 64 cents forecast by analysts, according to FactSet.
Revenue rose 18% to $1.15 billion. Analysts surveyed by FactSet forecast revenue of $1.14 billion.
The platform had 553 million monthly active users, which was an 11% increase and a record high, the company said. The largest jump in active users came from outside of Europe and North America.
Average revenue per person increased 6% globally to $2.12.
Pinterest said it expects revenue for the first quarter of $837 million to $852 million, which would be a 13% to 15% increase from the previous year. Analysts polled by FactSet were expecting $836 million.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
February 06, 2025 16:06 ET (21:06 GMT)
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