Pinterest beats revenue estimates as AI tools drive ad spend
However, shares of the company fell around 8.2% in extended trading. The stock has risen about 35% so far this year.
The social media platform's rapid growth among Gen Z users—who now represent more than half of its user base—combined with the AI-powered tools for personalized and automated campaigns, has made the platform attractive to advertisers.
Pinterest's results follow Meta (META.O), opens new tab and Reddit's (RDDT.N), opens new tab strong second quarter performance last week. In contrast, Snap (SNAP.N), opens new tab reported its slowest quarterly revenue growth in over a year.
The company's focus on direct-response ads, designed to prompt specific actions like shopping, app downloads, or website visits, continued to drive ad demand.
"We've found our best product market fit ever by becoming a personalized shopping destination for users and an AI-powered performance platform for advertisers," CEO Bill Ready said in a statement.
Pinterest has third-party ad deals with Google (GOOGL.O), opens new tab, Amazon.com (AMZN.O), opens new tab and advertising platform Magnite (MGNI.O), opens new tab.
Revenue for the second-quarter grew 17% to $998.2 million, beating analysts' average estimate of $974.8 million, according to data compiled by LSEG.
Global monthly active users on the platform rose 11% to 578 million, exceeding estimates of 553 million.
Pinterest expects third quarter revenue to be between $1.03 billion and $1.05 billion, compared with estimates of $1.03 billion.
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