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Pinterest, a photo-sharing social platform, recently announced the company's third-quarter results for fiscal 2022. According to the report, Pinterest's third-quarter revenue was $685 million, up 8 per cent from $633 million in the same period last year; a net loss of $65.2 million, compared with a net profit of $94 million in the same period last year; and net profit, which is not in accordance with US GAAP, was $76.5 million, compared with an adjusted net profit of $191 million in the same period last year, down 60 per cent from a year earlier.

Key results: for the quarter ended September 30, Pinterest posted a net loss of $65.2 million, or $0.10 per diluted share, which was much lower than in the same period last year. In the third quarter of fiscal 2021, Pinterest's net income was $94 million, or 14 cents per diluted share.

Excluding certain one-time items (not in accordance with GAAP), Pinterest's adjusted net profit for the third quarter was $76.5 million, compared with $191 million for the same period last year, down 60 per cent from a year earlier. Adjusted diluted earnings per share were $0.11, compared with adjusted diluted earnings per share of $0.28 in the same period last year, down sharply from a year earlier, but still better than analysts expected. On average, 21 analysts had expected Pinterest's adjusted earnings per share to reach 60 cents a share in the third quarter, according to Yahoo Finance.

Pinterest's third-quarter revenue was $685 million, up 8% from $633 million in the same period last year and better than analysts had expected. On average, 26 analysts had expected Pinterest's third-quarter revenue to reach $666.71 million, according to Yahoo Finance.

By region, Pinterest's third-quarter revenue in the US and Canada was $575 million, up 9 per cent from $526 million in the same period last year; revenue in Europe was $86 million, down 4 per cent from $89 million in the same period last year; and revenue in the rest of the world was $24 million, up 36 per cent from $17 million in the same period last year.

Without GAAP, Pinterest's adjusted EBITDA (net income before interest, tax, depreciation and amortisation) was $77.3 million in the third quarter, compared with an adjusted EBITDA of $201 million in the same period last year, a sharp drop of 62 per cent year-on-year; adjusted EBITDA profit margin was 11 per cent, compared with 32 per cent in the same period last year.

Pinterest posted an operating loss of $69.4 million in the third quarter, compared with an operating profit of $98.4 million in the same period last year.

Pinterest's total costs and expenses were $754 million in the third quarter, compared with $534 million in the same period last year. Of this total, revenue costs were $183 million, compared to $127 million in the same period last year; R & D expenditure was $255 million, compared to $186 million in the same period last year; sales and marketing expenses were $230 million, compared to $156 million in the same period last year; general and administrative expenses were $86.8 million, compared with $6570 in the same period last year.

In terms of operating indicators, the number of global monthly active users (MAU) of Pinterest in the third quarter was 445 million, up slightly from 444 million in the same period last year. Of these, the number of monthly active users in the United States and Canada was 95 million, down 2% from 98 million in the same period last year; the number of monthly active users in Europe was 120 million, up 1% from 119 million in the same period last year; the number of monthly active users in other parts of the world was 230 million, up 1% from 228 million in the same period last year.

Pinterest's global average revenue per user (ARPU) was $1.56 in the third quarter, up 11% from $1.41 in the same period last year. Of this total, the average income per user in the United States and Canada was $6.13, up 15% from $5.32 in the same period last year; in Europe, the average income per user was $0.72, down 3% from $0.74 in the same period last year; and the average income per user in other parts of the world was $0.11, up 38% from $0.08 in the same period last year.

Performance outlook: Pinterest says it now expects revenue growth in the fourth quarter of fiscal 2022 to be in the middle of the 1-9 per cent range. Pinterest reported revenue of $847 million in the fourth quarter of fiscal 2021, according to previous results. On average, 26 analysts had expected Pinterest's fourth-quarter revenue to reach $884.57 million, according to Yahoo Finance.

Pinterest also said it expected its operating expenses to grow at the low end of the 10-19 per cent range in the fourth quarter of fiscal 2022, not in accordance with US GAAP. For the entire fiscal year 2022, the company expects operating expenses that are not in accordance with US GAAP to grow by about 35 per cent year-on-year.

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