Pinterest Q2 revenue up 6 percent, narrows losses

Pinterest, an image sharing site which has increasingly been adding shopping features in recent years, has reported a 6 percent rise in revenue in the second quarter.

The San Francisco-based company generated revenue of 708 million dollars in the three months to June 30, up from 665.9 million dollars a year earlier.

That came as its global monthly active users (MAUs) increased 8 percent to 465 million.

Pinterest narrowed its Q2 net loss to 34.9 million dollars from 43.1 million dollars.

“In Q2, we continued to build momentum with consumers and advertisers while further accelerating our pace of innovation,” said CEO Bill Ready in a statement.

He continued: “Over the past year, we’ve been laser-focused on our key differentiators and we’re seeing results.

“Users are coming back more often and engaging more deeply, Pinterest is increasingly shoppable and actionable, and we’re delivering better and more measurable performance for our advertisers.”

Pinterest, like many social media platforms, has been expanding its suite of merchant tools in recent years to make it easier for users to find inspiration and buy products directly from the app.

Last year, the company acquired The Yes, an AI-powered shopping service focused on fashion.

Ready continued: “Furthermore, due to our focus on cost efficiencies we returned to adjusted EBITDA margin expansion in Q2.

“Our results demonstrate that our strategy is working and we’re making the right investments to create a durable company for the long term.”

Looking ahead, the company expects Q3 revenue to grow in the high single digits range year-on-year, and non-GAAP operating expenses to grow in the low single digits range.