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Pinterest Inc. Class A (PINS-4.87%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports revenue of $3.65 billion, a 19% increase from the previous year. This growth was driven by an 8% increase in average revenue per user and an 11% increase in monthly active users.
Cost of revenue increased by 9% to $750.4 million, primarily due to increased users and engagement, offset by infrastructure efficiency initiatives.
Research and development expenses rose by 16% to $1.24 billion, attributed to a 19% increase in personnel expenses and higher share-based compensation.
Sales and marketing expenses increased by 11% to $1.01 billion, driven by higher personnel expenses, increased marketing costs, and higher outsourced services costs.
General and administrative expenses decreased by 10% to $463.7 million, due to restructuring charges in the prior year, offset by a legal settlement and increased non-income-based taxes.
Net income for the year was $1.86 billion, compared to a net loss of $35.6 million in the previous year. Adjusted EBITDA was $1.03 billion, a 46% increase from the prior year.
The company reported a release of its valuation allowance on U.S. federal and state deferred tax assets, contributing to a tax benefit of $1.57 billion.
Pinterest's cash, cash equivalents, and marketable securities totaled $2.51 billion as of December 31, 2024, with net cash provided by operating activities of $964.6 million.
The company repurchased 19.1 million shares of its Class A common stock for $600.2 million during the year, with $1.9 billion remaining available for repurchase under its stock repurchase program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pinterest Inc. Class A annual 10-K report dated February 6, 2025. To report an error, please email earnings@qz.com.