PINS (+13%) post-call thoughts

We recently launched paid subscriptions.  Complimentary access and initial founding member prices will continue through Wednesday EOD. These “post-call earnings thoughts” for select names are only available for Pro-Tier subscribers.

PINS (+13%) stellar q and ticked all the check boxes investors wanted to see (see our long PINS earnings writeup in our weekly yesterday).

MAUs well ahead 17M q/q vs street at 8M (driven by international, higher than peak pre-covid levels), 3% beat to top line revs, revenue guide 11-13% beat bogey of 10-12%, EBITDA of $185M vs st at $131M (24.2% vs 17.6%), Opex to decline 9-11% y/y, about 500bps more than street (implies 600bps EBITDA margin expansion this yr vs initial guide of 200bps expansion).

Talk about AMZN partnership sounds great as its ramping faster than expected, but real ramp will begin to occur in Q1 2024. Talk about laying out the groundwork for future 3p partners, driving increased monetization internationally, seeing new relevant demand on pl…