Since going public in April, Pinterest has released its second earnings report, showing that it has generated $261 million in revenue during the second quarter of this year, which is up 62% year over year and almost $60 million more than it earned during the first quarter of 2019. $238 million of that $261 million came from the US.
Pinterest’s monthly active users (MAUs) were also up, seeing a 30% increase year over year.
Although the report shows revenue gains, the company reported a net loss of $1.16 billion for the quarter, which it says was impacted by, “RSU [restricted stock unit] expense recorded in connection with our initial public offering.” Pinterest expects to surpass $1 billion in revenue, according to its full-year outlook for 2019, reaching between $1.095 billion and $1.115 billion.
From an international standpoint, Pinterest’s global MAUs reached 300 million during the second quarter of the year, which is nine million more than it reported on its first quarter report of the year. Most of Pinterest’s MAUs are international users. There are 215 million global MAUs compared to 85 million in the US.
According to the company CFO, Todd Morgenfeld, the company remains encouraged by the growth it’s seeing in international markets. Based on the information found in the company’s second quarter earnings release, it continues to focus on improving user experiences to drive more growth and engagement: “During the quarter, we made Pinterest more personal by improving search recommendations, and we also made Pinterest more useful by adding more video content and shoppable products.”
Ben Silbermann, the CEO of the company, said that Pinterest is continuing to “grow and diversify” its advertiser base and improve ad measurement capabilities for brands of the platform.
“This is part of our larger and ongoing effort to create value for businesses on Pinterest,” said Silbermann. During the second quarter of 2019, Pinterest introduced mobile ad tools, allowing advertisers to create and manage campaigns from their phone, and launched new video capabilities for brands that includes an updated video uploader, scheduling capabilities and a dedicated video tab within business profiles.
Another focus of Pinterest is its efforts on e-commerce initiatives. Before the company went public, Pinterest recruited the head of Walmart’s e-commerce tech team, Jeremy King, to lead engineering. Since then, it has launched the “Complete the Look” visual search tool — a feature that recommends relevant products based on the context of a scene.