Pinterest yesterday reported that revenue grew 11% year-over-year to $763 million in the third quarter of 2023. Global Monthly Active Users (MAUs) increased 8% year-over-year to 482 million. Adjusted EBITDA was $185 million for Q3.
"We're driving strong revenue performance, robust global MAU growth, and substantial margin expansion," said Pinterest CEO Bill Ready in a statement. "Pinterest is the go-to place for people to discover and do the things they love, and we're committed to making our platform even more inspiring and engaging for our users."
The company's revenue growth was driven by a number of factors, including increased advertising revenue and growth in its e-commerce business. Pinterest's advertising revenue grew 12% year-over-year to $757 million in Q3. The company's e-commerce business, which includes its Shop the Look feature, grew 40% year-over-year in Q3.
Pinterest's MAU growth was also driven by a number of factors, including increased engagement on its platform and growth in international markets. Pinterest's average MAU spent 14.9 minutes per day on the platform in Q3, up from 14.2 minutes per day in the same quarter last year. The company's international MAUs grew 11% year-over-year in Q3.
Pinterest's adjusted EBITDA margin expanded to 24% in Q3, up from 22% in the same quarter last year. The company's EBITDA margin expansion was driven by a number of factors, including increased revenue growth and cost discipline.
Pinterest's outlook for the fourth quarter of 2023 is positive. The company expects revenue to be in the range of $780 million to $810 million, representing year-over-year growth of 9% to 12%. Pinterest also expects adjusted EBITDA to be in the range of $200 million to $220 million, representing year-over-year growth of 19% to 27%.
"We're well-positioned to continue to drive growth and innovation in the fourth quarter and beyond," said Ready. "We're focused on making Pinterest the best place for people to discover and do the things they love."