Update - Talking about companies that over deliver, Pinterest has continued to execute. Since I mentioned it in stock ideas #4, Pinterest is up around 140%. After both its most recent earnings reports, the company popped around 10% with better than expected numbers. On Thursday, Pinterest announced revenue growth of 76%, a clear acceleration. US revenue grew 67%, whilst international grew 145%. Pinterest are benefiting from the general increased spend in digital marketing, as companies feel more optimism looking toward the future. Monthly active users grew 37%, continuing their steady trajectory. Average revenue per user (ARPU) was up 29% on average, but it’s useful to look deeper here. ARPU for US customers was $5.94. ARPU for international customers was just $0.35. Clearly, Pinterest has an opportunity to better monetise its international users, the fastest-growing segment of the business. Having said that, Pinterest is relatively early in its commercial efforts and also has a huge opportunity to increase its US ARPU. For comparison, Facebook’s ARPU for the US & Canada was over $50 last quarter. All of this is to say that Pinterest still has a large opportunity ahead. Whenever a company has risen by such a large amount in a short space of time, its tempting to think you’ve missed the chance. But with steady user growth, a growing international opportunity and opportunity for ARPU expansion, Pinterest is still a growth story. It’s been able to carve itself a niche in the digital marketing sphere, whilst avoiding much of the negative headlines attributed to Facebook or Google.