Pinterest Inc (NYSE:PINS) reported first-quarter financial results after the market close on Thursday. Here’s a look at the key metrics from the quarter.
Q1 Earnings: Pinterest reported first-quarter revenue of $855 million, beating estimates of $846.59 million, according to Benzinga Pro. The idea discovery platform company reported first-quarter adjusted earnings of 23 cents per share, missing analyst estimates of 26 cents per share.
Total revenue was up 16% on a year-over-year basis. Pinterest’s global monthly active users increased 10% year-over-year to 570 million. Average revenue per user was $1.52 globally and $6.54 in the U.S. and Canada.
Net cash from operations totaled $363.7 million in the quarter, and free cash flow came in at $356.4 million. The company ended the period with approximately $1.25 billion in cash and cash equivalents.
“Our strong results in the first quarter demonstrate continued momentum in revenue, user growth and engagement. As the macroeconomic and digital ad landscape evolves, our strategy and consistent execution has made Pinterest more resilient than ever,” said Bill Ready, CEO of Pinterest.
“The fundamentals in the business are strong and we’re continuing to see healthy growth. Our AI advancements are helping users take action and make more intentional shopping decisions.”
Guidance: Pinterest expects second-quarter revenue of $960 million to $980 million versus estimates of $966.3 million. The company expects second-quarter adjusted EBITDA of $217 million to $237 million.
Pinterest executives plan to provide more details on the company’s forward guidance on a conference call with investors and analysts set for 4:30 p.m. ET.
PINS Price Action: Pinterest shares were up 11.34% after-hours, trading at $31.02 at publication Thursday, according to Benzinga Pro.
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