Summary by Moomoo AI
On April 30, 2024, Pinterest, Inc. reported its financial results for the first quarter ended March 31, 2024. The company announced a 23% increase in revenue to $740 million and a 12% growth in global monthly active users (MAUs) to 518 million. Despite the revenue growth, Pinterest experienced a GAAP net loss of $25 million for the quarter. Adjusted EBITDA was reported at $113 million. CEO Bill Ready attributed the strong performance to investments in AI and shoppability, which have improved returns for advertisers and product market fit. The company also provided guidance for the second quarter of 2024, expecting revenue between $835 million to $850 million, which would represent an 18-20% year-over-year growth, and non-GAAP operating expenses in the range of $490 million to $505 million. The financial results and future outlook were discussed in a conference call on the same day. Pinterest's press release included non-GAAP financial measures, with reconciliations to GAAP financial measures provided.