Pinterest Announces First Quarter 2021 Results
Pinterest, Inc. (PINS) reported Q1 2021 earnings with a revenue increase of 78% year-over-year, totaling $485 million. Monthly Active Users (MAUs) rose 30%, reaching 478 million. The company experienced a net loss of $22 million, significantly improved from the previous year’s loss of $141 million. Adjusted EBITDA was $84 million, showing strong growth potential. Looking ahead, Pinterest anticipates Q2 revenue growth of approximately 105% year-over-year, despite expectations of increased operating expenses as they focus on long-term investments.
- Revenue increased 78% year-over-year to $485 million.
- Monthly Active Users grew 30% to 478 million.
- Net loss improved to $22 million from $141 million year-over-year.
- Adjusted EBITDA reached $84 million, indicating strong operational performance.
- International revenue surged 170%, highlighting global growth potential.
- Continued net loss of $22 million raises concerns about profitability.
- Expectations of increased operating expenses in Q2 may pressure margins.
Pinterest, Inc. (NYSE: PINS) today announced financial results for the quarter ended March 31, 2021.
-
Q1 revenue grew
78% year over year to$485 million . -
Global Monthly Active Users (MAUs) grew
30% year over year to 478 million. -
GAAP net loss was
$(22) million for Q1. Adjusted EBITDA was$84 million for Q1.
“Whether it’s recipe ideas during the pandemic or dream vacation planning for the future, I’m proud that we now help 478 million people every month find inspiration to create a life they love,” said Ben Silbermann, CEO and co-founder, Pinterest. “This quarter, we continued strong growth internationally, including our recent launch of advertising in Brazil, and made significant progress with shopping, making it easier for people to discover and buy products they find on Pinterest.”
“Q1 results were strong, building off the momentum of 2020. Continued rapid growth of our international business and increased adoption from medium and small advertisers drove
Q1 2021 Financial Highlights
The following table summarizes our consolidated financial results (in thousands, except percentages, unaudited):
|
|
Three Months Ended March 31, |
|
% Change |
|||||||||
|
2021 |
|
2020 |
|
|||||||||
Revenue |
$ |
485,230 |
|
|
|
$ |
271,940 |
|
|
|
78 |
% |
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(21,674 |
) |
|
|
$ |
(141,196 |
) |
|
|
85 |
% |
|
|
|
|
|
|
|
||||||||
Non-GAAP net income (loss)* |
$ |
78,527 |
|
|
|
$ |
(59,916 |
) |
|
|
NM |
||
|
|
|
|
|
|
||||||||
Adjusted EBITDA* |
$ |
83,824 |
|
|
|
$ |
(53,320 |
) |
|
|
NM |
||
Adjusted EBITDA margin* |
17 |
|
% |
|
(20 |
) |
% |
|
|
||||
|
|
|
|
|
|
|
|||||||
NM - not meaningful
* Non-cash charitable contributions of
Q1 2021 Other Highlights
The following table sets forth our revenue, MAUs and average revenue per user ("ARPU") based on the geographic location of our users (in millions, except ARPU and percentages, unaudited):
|
Three Months Ended March 31, |
|
% Change |
|||||||
|
2021 |
|
2020 |
|
||||||
Revenue - Global |
$ |
485 |
|
|
$ |
272 |
|
|
78 |
% |
Revenue - United States |
$ |
390 |
|
|
$ |
237 |
|
|
65 |
% |
Revenue - International |
$ |
95 |
|
|
$ |
35 |
|
|
170 |
% |
|
|
|
|
|
|
|||||
MAUs - Global |
478 |
|
|
367 |
|
|
30 |
% |
||
MAUs - United States |
98 |
|
|
90 |
|
|
9 |
% |
||
MAUs - International |
380 |
|
|
277 |
|
|
37 |
% |
||
|
|
|
|
|
|
|||||
ARPU - Global |
$ |
1.04 |
|
|
$ |
0.77 |
|
|
34 |
% |
ARPU - United States |
$ |
3.99 |
|
|
$ |
2.66 |
|
|
50 |
% |
ARPU - International |
$ |
0.26 |
|
|
$ |
0.13 |
|
|
91 |
% |
Guidance
We continue to navigate uncertainty given the ongoing COVID-19 pandemic and other factors. Our current expectation is that Q2 revenue will grow around
We intend to provide further detail on our outlook during the conference call.
Our strategic priorities for 2021 remain anchored in content, the Pinner experience, advertiser success and shopping. We plan to continue investing in these this year. We expect R&D efforts to continue to focus on Pinner product, ad product and measurement investments. We intend to grow our headcount further, in particular to support our international expansion efforts. We also intend to scale our comprehension and brand marketing efforts in 2021. We think these investments will support long-term growth and continue to build the foundations for a scaled business over time.
Webcast and conference call information
