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Pinterest, Inc. (NYSE: PINS ) has reported a decline in net profit for the fourth quarter of 2022 as revenue from the image sharing platform increased.
Fourth quarter revenue increased 4% year over year to $877.2 million, with a strong contribution from the US/Canada market which accounted for more than 80% of the total business.
However, earnings, adjusted for one-off items, dropped to $0.29 per share in the December quarter from $0.49 per share a year earlier. On an unadjusted basis, net income was $17.5 million or $0.03 per share, compared to $174.7 million or $0.25 per share in the fourth quarter of 2021.
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“While the industry as a whole faces headwinds, we are adapting quickly to the changing macro environment and are committed to creating a more positive online experience for users and advertisers,” said Bill Ready, CEO of Pinterest.
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