Pinterest Inc. (NYSE: PINS) reported better-than-expected earnings for the third quarter of 2019 while revenues missed estimates. Shares fell 18% in aftermarket hours on Thursday.
The company delivered a 47% increase in total revenue to $280 million compared to the prior-year period, but the results fell below estimates of $281 million.
GAAP net loss was $125 million, or $0.23 per share, compared to $19 million, or $0.15 per share last year. Adjusted net income was $5.9 million, or $0.01 per share. Analysts had forecast a loss of $0.04 per share.
Global monthly active users (MAU) grew 28% year-over-year to 322 million. MAUs rose 8% in the US and 38% internationally. Global ARPU grew 14% to $0.90. ARPU in the US grew 26% to $2.93 while international ARPU jumped 127% to $0.13.
Revenue in the US increased 39% to $251 million while international revenue improved 212% to $28 million. Revenues were driven by ARPU expansion and growth in MAUs.
During the quarter, Pinterest expanded its ads business to 28 countries and the new markets include Cyprus, Greece, Hungary and Poland, among others.
Share-based compensation expense increased to $130 million from $4 million in the prior-year period.
For the full year of 2019, Pinterest expects total revenues to grow 46-48% to a range between $1.10 billion and $1.11 billion.
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