In Q1 2024, Pinterest reported a significant increase in monthly active users, reaching 518 million, up from 498 million in Q4 of the previous year.

Pinterest's user growth is primarily coming from the Rest of World category, with 13 million more active users added. Growth in the U.S. was minimal, while E.U. users increased by 5 million in the period.

Pinterest generated $740 million in revenue for Q1 2024. However, only a small fraction of this revenue came from outside the U.S. and Europe, with the share from other regions actually declining quarter-over-quarter.

Pinterest's top-line growth is considered deceiving because the vast majority of its income is generated in the U.S., where user growth was minimal. Although growth in other regions indicates future opportunities, it does not contribute significantly to immediate business value.

Pinterest's costs, particularly in sales and marketing, rose by 12% year-over-year in Q1 2024. This increase in spending could bode well for future potential if the investment leads to greater returns, but the article's author expresses skepticism about the effectiveness of Pinterest's most recent advertising push.