Image sharing platform Pinterest, Inc. (NYSE: PINS) has reported lower earnings for the first quarter of 2022, despite a double-digit increase in revenues. The number of monthly active users declined, while average revenue per user increased year-over-year.
First-quarter earnings, adjusted for one-off items, edged down to $0.10 per share from $0.11 per share a year earlier. On an unadjusted basis, it was a net loss of $5.28 million or $0.01 per share, compared to a loss of $21.7 million or $0.03 per share in the same period of 2021.
Meanwhile, revenues increased 18% annually to $574.9 million during the three-month period, with all the three geographical segments registering strong growth.
“Pinterest made good progress in Q1 executing on our long-term strategy. We continued to scale our native content and creators ecosystem, began beta testing Your Shop, our personalized shopping surface, and released our new open Pinterest API so that any developer can build applications for Pinners, creators, merchants, and advertisers,” said Ben Silbermann, CEO of Pinterest.