Pinterest (NYSE: PINS) stock has been a disaster for any shareholders who bought it during or after the summer of 2020 and held on. For shareholders who bought during the nearly one-year stretch between its early 2019 IPO and the start of the pandemic, things look slightly better -- but not much.  

However, it appears that Pinterest's pandemic-fueled boom-to-bust cycle is just about finished. There are still challenges ahead for new CEO Bill Ready as he guides the company toward a sharper focus on e-commerce, but there are early indications Pinterest stock bottomed over the summer.

One key metric has me feeling a bit more optimistic about Pinterest's prospects: monthly active users (MAUs) in the U.S. and Canada. Nearly 80% of Pinterest's active users are located outside of North America. However, monetization within the North American market provided 84% of its third-quarter revenue. Average revenue per user has been growing, keeping overall revenue on the rise, but the shrinking user base in the U.S. and Canada had been a serious drag on the business for the last year and a half.

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Source Fool.com