Pinterest posted revenue of $261 million, up 64% year-over-year, on losses of $26 million for the second-quarter of 2019, according to its second earnings report as a public company, released Thursday after the closing bell. The company beat Wall Street estimates of $235.5 million on losses of 8 cents a share.
Shares of Pinterest (NYSE: PINS), which closed down 2.4% Thursday on $28.30 per share, rose 15% in after-hours trading on the news.
The digital pinboard posted revenues of $202 million on losses of $41.4 million for the three months ending March 31, 2019. This surpassed revenue estimates of roughly $200 million and represented significant growth from Q1 2018 revenues of $131 million. Losses in the first-quarter of 2019, however, came in roughly three times higher than estimates at 32 cents per share.
Pinterest today has 300 million monthly active users, up 30% YoY, and continues to introduce new features to cater to the growing audience. Last month, the company launched emotional wellness activities tailored for the millions of users searching the visual pinboard for emotional health and related topics, for example.
“We constantly aim to make Pinterest more personal, relevant and useful to our users,” Pinterest co-founder and chief executive officer Ben Silbermann said in a statement. “Our MAUs hit 300 million at the end of Q2 as we built and expanded products to support this vision. We also continued to grow and diversify our advertiser base and improve advertisers’ ability to measure the effectiveness of their ad spend. This is part of our larger and ongoing effort to create value for businesses on Pinterest.”
The business is working hard to expand its global footprint and it’s paying off. International revenue is up 199% following efforts to globalize its ads business. International MAUs are up 38% YoY while U.S. MAUs are up 13%.
Pinterest went public in April, rising 25% its first day trading on the New York Stock Exchange. The company sold 75 million Class A shares in an IPO that raised $1.4 billion at a fully diluted market cap of $12.6 billion, a figure slightly larger than its Series H valuation of $12.3 billion. This was amid concerns the company would see a slighter smaller valuation upon its IPO and gain the unseemly title of “undercorn.”
For the full year 2019, Pinterest, which expects to become profitable by 2021, predicts annual revenues of roughly $1.1 billion.