Pinterest Q3 FY12/24 Earnings Review

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A Simpler Time

By Alex King, CEO, Cestrian Capital Research, Inc.

Pinterest first truly boomed when folks were stuck at home in lockdowns and couldn't get to the store to look at stuff. So they looked at stuff online and in particular looked at stuff that other people had organized with other stuff to make it look good. As the world re-opened, PINS' growth faded but has since come back to life - from a trough of +4% YoY at the end of 2022 the company just turned in +18% YoY this quarter and is guiding for acceleration next quarter.

I wonder sometimes whether companies like this one are built for simpler times when the economy is only-up and aphorisms pass for wisdom and mood boards are things. If we get a shock to the system any time soon and folks have to actually work harder for a living - I don't mean poor people who don't have time for Pinterest anyway, I mean rich people who may find their jobs undercut by automation or a recession or something else. If you have to think about what you can afford to eat today, you probably aren't thinking about Maisie Jones' a-ma-zing wallpaper palette on Pinterest.

But that's just idle speculation. For now, PINS is churning out rock-solid fundamentals, it's not overvalued unless you think something very bad is coming down the line, and the stock chart looks bullish.

Here's the headlines.

Financial Summary

Now, for our paying subscribers of all tiers here, we go on to look at financial fundamentals, valuation analysis, our rating and price targets.