Pinterest, Inc. (NYSE: PINS) has reported a sharp fall in net income for the fourth quarter of 2022 when the image-sharing platform’s revenues increased.
Fourth-quarter revenues moved up 4% annually to $877.2 million, with strong contributions from the US/Canada markets that account for more than 80% of the total business.
However, earnings, adjusted for one-off items, dropped to $0.29 per share in the December quarter from $0.49 per share a year earlier. On an unadjusted basis, the net profit was $17.5 million or $0.03 per share, compared to $174.7 million or $0.25 per share in the fourth quarter of 2021.
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“While the industry as a whole is facing headwinds, we are adapting quickly to a changing macro environment and are committed to creating a more positive online experience for our users and advertisers,” said Bill Ready, CEO of Pinterest.