-- Pinterest, Inc. (NYSE:) reported third quarter results that topped Wall Street estimates as efforts improve monetization of its international users on its platform bolstered performance.

Pinterest was up more than 16% in pre-market Tuesday trading.

The company adjusted EPS of $0.28 on revenue of $763 million, beating expectations for adjusted EPS of $0.21 on revenue of $743.9M.

Global monthly active users, or MAUs, increased 8% year over year to 482M, and global average revenue per user, or ARPU, climbed 3% to $1.61 from a year earlier.

Looking ahead to Q4, the company said it expected revenue will grow around in a range of 11% to 13% year over year while operating expenses were expected to fall around 9% to 13%.

Analysts from Bernstein raised the price target by $2 to $31 per share.

"As Pinterest picks off the low-hanging fruit, we were hoping for more idiosyncratic revenue upside, but take the strong engagement trends as a sign that Pinterest may have found product-market fit with younger users which keeps the flywheel going," analysts wrote in a note.

Analysts from KeyBanc also hiked the price target, going to $37 per share to reflect margin expansion and accelerating growth.

"Pinterest's 3Q results reinforce that growth is reaccelerating while expense controls remain intact, resulting in a ~600 bps inflection in 2023E EBITDA margin. We anticipate an annual margin expansion cadence of 200-300 bps y/ y in 2024 and 2025, reflecting mid-teens growth from product innovation and partnerships."

Additional reporting by Senad Karaahmetovic