Pinterest (NASDAQ:PINS) delivered a mixed Q4 performance, reporting record user numbers but narrowly missing revenue expectations. Total revenue rose 14% year-over-year to $1.32 billion, which fell just short of the $1.33 billion consensus. On the bottom line, the company matched analyst estimates with a non-GAAP EPS of $0.67. While global monthly active users (MAUs) reached an all-time high of 619 million, the results were overshadowed by a weaker than expected outlook for the upcoming quarter. Management projected Q1 2026 revenue to grow between 11% and 14%, which sits below previous Wall Street forecasts.
And while the user base grew 12%, global Average Revenue Per User (ARPU) only grew 2%. This disparity is fueled by the fact that the majority of new users are coming from the Rest of World segment, where ARPU is a fraction of the North American rate. Furthermore, the shift from large retail advertisers toward SMBs has been slower than hoped, and a recent global restructuring has raised questions about when the company can successfully monetize its platform.
For more details, key highlights, and commentary, check out the high-level earnings summary.
