3Q25 Earnings Previews and 4Q early look! GRAB (+) / PINS (+)

This was first published October 22nd, in our weekly newsletter Apptopia Insight. To receive insights like this weekly, sign up here.

GRAB: New user growth bounces back
PINS: Growth trending up and engagement is improving
Maiden Century’s forecasts project a beat for each

Our 3Q25 earnings previews are here! Please feel free to reach out and discuss any of the 20+ stocks we provide a preview on. With this newsletter, we thought we would also give a quick look into how the first three weeks of 4Q are shaping up.

GRAB: SE Asia’s biggest ride hailing business has seen slowing growth over recent quarters, but 3Q25 mobile data has accelerated, notably with its new user growth. While the quarter is not record-setting, this change in trend looks better than what consensus expects for the quarter. In addition, October data looks like a small re-acceleration from September, portending well for 4Q.

PINS: Pinterest’s user growth is showing signs of life in 3Q after a difficult spring. Downloads have flipped from falling YoY to growing again, while DAU growth has been more stable. October is off to a very strong start when it comes to adding new users as well. All this adds up to better YoY growth in Pinterest MAUs than what consensus expects.

Also worthy of note for Pinterest is its user engagement, and specifically time spent per DAU. The YoY growth in this metric has picked up in recent months, a very positive sign for Pinterest. Users spending more of their time in your app is the main goal for all social media apps, and Pinterest has turned that around this year.

Maiden Century’s forecast is positive for both. For GRAB, consensus expects only low-double-digit growth in Monthly Paying Users, whereas Maiden Century’s forecast using Apptopia’s data sees 14.5% YoY growth in 3Q25. Meanwhile, PINS MAU growth is expected at 10% by consensus, but Maiden Century’s forecast with Apptopia’s data comes in at 11%. Above consensus user growth combined with users spending more time on Pinterest’s app sounds like a winning combination.