Pinterest stock up 13% in after-hours: what happened?
- Pinterest reports market-beating results for its third financial quarter.
- The image sharing company also issued strong future guidance today.
- Pinterest stock is now up roughly 40% versus its year-to-date low.
Pinterest Inc (NYSE: PINS) jumped 13% in extended hours today after reporting market-beating results for its fiscal third quarter on a pick up in advertising.
Pinterest stock up on encouraging outlook
Copy link to sectionShareholders also seem to be cheering the strong guidance.
The social media and image sharing company is now calling for $982 million in revenue for its current financial quarter. In comparison, analysts were at $978 million. Bill Ready – the Chief Executive of Pinterest said in a press release on Monday:
As we lean into Pinterest’s unique differentiators as a visual search, discovery, and shopping platform, we’re finding our best product market fit in years.
He also confirmed on the earnings call that the New York listed firm had so far shown resilience in the face of economic headwinds related to the Israel-Hamas war. Pinterest stock is now up 40% versus its year-to-date low.
Notable figures in Pinterest Q3 earnings release
Copy link to section- Earned $6.73 million that translates to a penny per share
- Had $65.2 million of loss last year (10 cents per share)
- Adjusted EPS printed at 28 cents as per the press release
- Revenue went up 11% year-over-year to $684.6 million
- Consensus was 21 cents a share on $744 million revenue
Pinterest ended its recent quarter with 482 million monthly active users (MAUs) globally – up 8.0% versus last year. CEO Ready added in the press release:
We continued to accelerate in Q3. We’re driving strong revenue performance, robust global MAU growth, and substantial margin expansion. Our users are engaging deeply, and we’re delivering better results for advertisers.
More industry news
