The Pinterest social media platform also recorded reports similar to the quarterly reports by other digital ad leaders such as Alphabet, Meta Platforms, Reddit, and Snapchat, which reported an optimistic third-quarter revenue thanks to the powerful ad spending.
Recently in October, Pinterest AD also released a new feature called Performance+, which aims to help advertisers have a better understanding of the target users through artificial intelligence tools along with automated features integrated into the Pinterest AD specs.
It should be mentioned that the Performance+ suite is still in the early stages of launching. "Performance+ is still in the early rollout phase, with many advertisers limiting budget shifts and adoption of new features during holiday peak period,", Julia Donnelly, the CFO stated in a post-earnings call.
Pinterest's social media platform predicts that the fourth-quarter revenue will be somewhere between $1.13 billion and $1.15 billion, and also according to the data collected by LSEG, the analyst estimate was about $1.14 billion.
The company also expects the quarterly adjusted operating expenses to be about $500 million, making an about 13% increase compared with the previous year, fueled by investment in artificial intelligence as well as product development.
"Pinterest's Q3 continues a streak of smaller social media competitors orbiting Meta gaining ground with advertisers,", Daniel Konstantinovic, the Emarketer analyst stated.
Also, the Pinterest revenue for the third quarter increased by about 18% to $898.4 million, compared to the previous estimates of about $896.4 million. In profit share for the quarter, Pinterest recorded an increase from 34 cents to currently 40 cents per share.
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