Monthly user figures grow as men and Gen Z look for social network alternatives
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Pinterest missed analysts’ profit expectations for the second quarter on Thursday, despite strong growth in revenue and user numbers. As a result, the share price dropped by more than 11% in after-hours trading. Net profit came in at $38 million.
At the same time, Pinterest posted a 17% increase in revenue to $998.2 million, slightly above the expected $974.8 million.
The number of monthly active users (MAUs) rose by 11% to 578 million, above the estimated 553 million.
For the third quarter, Pinterest forecasts revenue between $1.03 billion and $1.05 billion, in line with expectations.
Gen Z users now make up more than half of the user base, and the AI-powered advertising platform Performance+ is popular among advertisers.
The platform is also attracting more and more men. They now account for a third of the 570 million active users worldwide.
Men mainly use Pinterest for inspiration, aesthetics, and self-discovery with searches for skincare and healthy hair routines, and even makeup.
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