On February 3, 2022, Pinterest Inc (PINS) stock closed the trading session at $24.51, 10.32% less than the previous traded session. The stock price gained 14.24% to $28.00, in the pre-market. The gain came following the result of the release of financial results for the fourth quarter of FY21, announced on February 3, 2022, posting a first-full year profit on a YOY basis.
Shares also gained in trading after PINS fourth-quarter results mitigated a few apprehensions started by a report from Facebook’s parent Meta. The company also said it reached its first full year of profitability under adjusted generally accepted accounting principles.
PINS Financials
Pinterest Inc released its financial results for the fourth quarter of FY21. The financial results reported are,
- Revenue of the PINS grew by 20% to $846.6 million beating the analyst’s expectation by $19.42 million.
- Pinterest Inc reported a loss of 16% in the net income to $174.6 million, compared to $207.8 million during the same period last year.
- Diluted EPS was reported to be $0.49 per share, exceeding the analyst’s expectation of $0.46 per share, beating it by $0.03.
CEO’s Remarks
The Chief Executive Officer (CEO) of PINS, Ben Silbermann, said that he is proud to announce that for the first time, they crossed $2 billion in revenue for the year, reaching their first full year of GAAP profitability. He added that, in 2022, they plan to further invest in their business as they scale up the distribution of Idea Pins and enhance their core Pinner experience to make Pinterest the destination for inspiration and action on the internet.
What more?
PINS global monthly active users (MAUs) decreased by 6% worldwide, year over year to 431 million, the lowest since June 2020 as the pandemic-driven surge in demand cooled off. Pinterest also saw a 12% decline in its users across the United States of America. Pinterest Inc. (PINS) has multiplied down on endeavors to support advertising-income, focusing on increasing video highlights like Pinterest TV and Idea Pins and helping influencer advertising.
