Pinterest reported revenue of $279.7 million in the third quarter of 2019, up 47% from $190.2 million in the year-earlier period, but its net loss soared 561% over the same time period, to $124.7 million from $18.9 million, using generally accepted accounting principles.
The company pointed out that it was profitable on a non-GAAP basis, with $5.96 million of net income, compared with a net loss of $14.9 million in the previous-year period.
Pinterest tallied 322 million global monthly active users at the end of the third quarter, up 28% year-over-year, citing double-digit growth in nearly all countries outside of the U.S.
The company now sells ads in 28 countries, up from 19 at the end of the second quarter. New markets added during the period were Cyprus, the Czech Republic, Greece, Hungary, Luxembourg, Malta, Poland, Romania and Slovakia.
Pinterest said it uploaded 75% more merchant catalogs than in the second quarter, along with expanding its shopping ads globally and working with ecommerce platforms including Shopify to onboard merchants and advertisers to its platform.
The company added that the percentage of U.S. MAUs that engaged with its shopping features more than doubled in the third quarter compared with the previous period, and clicks to retail sites from organic shoppable Pins tripled year-over-year.
On the measurement side, merchants’ adoption of the Pinterest tag via integrations into their ecommerce sites has skyrocketed by 10 times since May.
And on the user side, Pinterest touted upgraded to its ranking algorithm for lowering home feed hide rates 25% quarter-over-quarter. The company also said improvements to personalized search recommendations rolled out globally during the third quarter, driving a doubling of engagements with recommendations year-over-year.