Shulou(Shulou.com)11/24 Report--

According to news in the morning of February 7, Beijing time, photo-sharing social platform Pinterest today released the company's fourth quarter and full-year results for fiscal year 2022. According to the report, Pinterest's fourth-quarter revenue was $877 million, up 4 per cent from $847 million a year earlier; net profit was $17.5 million, down 90 per cent from $175 million a year earlier; and non-GAAP adjusted net profit was $196 million, down 40 per cent from $339 million a year earlier.

Pinterest's fourth-quarter adjusted earnings per share beat Wall Street analysts' expectations, but revenue missed expectations and a weak outlook for first-quarter revenue in fiscal 2023 sent its shares down nearly 7 per cent in after-hours trading.

Fourth quarter key results: for the quarter ended December 31, Pinterest reported net income of $17.5 million, or $.03 per diluted share, compared with the same period a year earlier. In the fourth quarter of fiscal 2021, Pinterest's net income was $175 million, or $0.25 per diluted share.

Excluding certain one-time items (not in accordance with GAAP), Pinterest's adjusted net income for the fourth quarter was $196 million, down 40% from $339 million a year earlier; adjusted diluted earnings per share were $0.29, compared with $0.49 a year earlier, down sharply from a year earlier, but still better than analysts expected. On average, 20 analysts had expected Pinterest's adjusted earnings per share to reach 27 cents a share in the fourth quarter, according to Yahoo Finance.

Pinterest's fourth-quarter revenue was $877 million, up 4% from $847 million a year earlier, but failed to beat analysts' expectations. On average, 23 analysts had expected Pinterest's fourth-quarter revenue to reach $886.27 million, according to Yahoo Finance.

By region, Pinterest's fourth-quarter revenue from its US and Canadian operations was $722 million, up 5 per cent from $689 million a year earlier; revenue from its European operations was $123 million, down 7 per cent from $132 million a year earlier; and revenue from other parts of the world was $32 million, up 26 per cent from $25 million a year earlier.

Pinterest's adjusted EBITDA (net income before interest, tax, depreciation and amortization) was $196 million in the fourth quarter, compared with an adjusted EBITDA of $351 million in the same period a year earlier, down 44 per cent from a year earlier; adjusted EBITDA profit margin was 22 per cent, compared with 41 per cent a year earlier.

Pinterest's total costs and expenses were $871 million in the fourth quarter, compared with $667 million in the same period last year. Of this total, revenue costs were $185 million, compared to $141 million in the same period last year; R & D expenditure was $265 million, compared to $241 million in the same period last year; sales and marketing expenses were $317 million, compared to $191 million in the same period last year; general and administrative expenses were $104 million, compared with $9460 in the same period last year.

In terms of operational indicators, Pinterest had 450 million monthly active users (MAU) in the fourth quarter, up 4 per cent from 431 million in the same period last year. Of these, the number of monthly active users in the United States and Canada was 95 million, unchanged from 95 million in the same period last year; the number of monthly active users in Europe was 124 million, up 2% from 122 million in the same period last year; and the number of monthly active users in other parts of the world was 231 million, up 8% from 215 million in the same period last year.

Pinterest's average global revenue per user (ARPU) was $1.96 in the fourth quarter, up 1 per cent from $1.93 a year earlier. Of this total, the average income per user in the United States and Canada was $7.60, up 6% from $7.17 in the same period last year; in Europe, the average income per user was $1.01, down 9% from $1.10 in the same period last year; the average income per user in other parts of the world was $0.14, up 21% from $0.11 in the same period last year.

Main results for the full year: for the entire fiscal year 2022, Pinterest's revenue was $2.803 billion, up 9% from $2.578 billion in fiscal 2021, but slightly lower than analysts had expected. On average, 30 analysts had expected Pinterest's full-year revenue to reach $2.81 billion, according to Yahoo Finance.

By region, Pinterest's full-year revenue in the United States and Canada was $2.309 billion, up 8% from $2.133 billion in fiscal 2021; revenue in Europe was $398 million, up 4% from $382 million in fiscal 2021; and revenue in the rest of the world was $95 million, up 52% from $62 million in fiscal year 2021.

Pinterest's full-year net loss was $96 million, compared with a net profit of $316 million in fiscal 2021, down 130% from a year earlier, and a diluted loss per share of $0.14, compared with diluted earnings per share of $0.46 in fiscal 2021.

Excluding certain one-time items (not in accordance with GAAP), Pinterest's adjusted net income for the full year was $426 million, down 45% from $778 million in fiscal 2021; adjusted earnings per share were 62 cents, compared with adjusted diluted earnings of $1.13 per share in fiscal 2021, down sharply from a year earlier, but still beat analysts' expectations. On average, 22 analysts had expected Pinterest's full-year diluted earnings per share to reach 61 cents, according to data provided by Yahoo Finance.

Pinterest's full-year adjusted EBITDA was $442 million, down 46 per cent from $814 million in fiscal 2021; adjusted EBITDA profit margins were 16 per cent, compared with 32 per cent in fiscal 2021.

Pinterest's global average revenue per user for the full year was $6.36, up 10% from $5.79 in fiscal 2021. Of this total, the average income per user in the United States and Canada was $24.38, up 16% from $21.07 in the same period last year; in Europe, the average income per user was $3.23, up 7% from $3.03 in the same period last year; and the average income per user in other parts of the world was $0.43, up 49% from $0.29 in the same period last year.

Performance outlook: Pinterest says it now expects revenue growth in the first quarter of fiscal 2023 to reach the low end of the 1-9 per cent range, and expects a low double-digit month-on-month decline in operating expenses that are not in accordance with GAAP.

Pinterest reported revenue of $575 million in the first quarter of fiscal 2022, while 17 analysts had on average expected revenue of $617.07 million in the first quarter of 2023, according to Yahoo Finance.

Share price movements: Pinterest shares rose 41 cents, or 1.49 percent, to close at $27.89 in regular trading on the Nasdaq. In after-hours trading as of 05:12 est on the 6th (06:12 Beijing time on the 7th), Pinterest shares fell 6.88 per cent, or 6.88 per cent, to $25.97. In the past 52 weeks, the highest price for Pinterest is $29.17 and the lowest price is $16.14.

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