By Yasin Ebrahim
Investing.com -- Pinterest reported Thursday second-quarter estimates that topped Wall Street estimates as strong growth in its core U.S. and Canada markets bolstered results.
Pinterest (NYSE:PINS) was up more than 14% in recent afterhours trading.
The company reported adjusted earnings per share of 11 cents on revenue of $685.0 million, beating expectations for adjusted EPS of 6 cents on revenue of $665.5 million.
Recent quarterly results from Google and Meta Platforms pointed to a trend of slowing advertising demand seen across the industry. But Pinterest said it was "delivering performance and a distinct value proposition to advertisers, reaching users across the full funnel."
Global monthly active users, or MAUs, were flat year over year at 455 million, but global average revenue per user, or ARPU, jumped 11% to $1.56 from a year earlier. ARPU in the U.S. and Canada was up 15%.
Looking ahead to the fourth quarter, the company forecast revenue to grow "mid-single digits on a year-over-year percentage basis, which takes into account slightly greater foreign exchange headwinds than in Q3 2022."
For the full year, non-GAAP operating expenses was expected to grow around 35% year over year, it added.