Pinterest Projected to Achieve Full-Year Profitability in 2024

Pinterest (NYSE: PINS) is on track to achieve full-year profitability in 2024. In its latest 2Q 2024 earnings report, the company recorded its first profitable quarter since 2021, with a net income (GAAP) of $8.9 million. According to Visible Alpha consensus estimates, Pinterest is projected to generate a net income (GAAP) of $49.4 million in 3Q and $280 million for the full-year 2024, a significant turnaround from a net loss of $35.6 million last year.

The company’s total revenue is also expected to grow strongly, with a projected increase of 19.1% year-over-year, reaching $3.6 billion. Revenue growth for the company has been moderating over the last two years, particularly in the U.S. and Canada. However, the company has been benefiting from its partnership with Amazon in bringing third-party ad demand to the platform. Pinterest has also launched an ad partnership with Alphabet’s Google, while unveiling an automated ad campaign setup tool and Pinterest Performance+, an AI-powered tool for marketers.