Pinterest's stock soars 17% on big revenue and profit beat, 500 million monthly active users
By Jon Swartz
Pinterest Inc.'s stock initially soared 17% in extended trading Tuesday following quarterly results and revenue guidance that exceeded Wall Street's estimates.
The image-sharing and social-media platform (PINS) reported a fiscal first-quarter net loss of $24.8 million, or 4 cents a share, compared with a net loss of $208.6 million, or 31 cents a share, in the same quarter a year ago. Adjusted earnings were 20 cents a share.
Revenue was $740 million, up 23% from $602.6 million in the year-ago quarter.
Analysts surveyed by FactSet had on average expected adjusted earnings of 13 cents a share on revenue of $700 million.
Pinterest also offered a second-quarter sales guidance of $835 million to $850 million, while FactSet analysts are forecasting $827 million.
"Q1 was a milestone quarter for Pinterest as we reached new highs: surpassing half a billion monthly active users (518 million) and reporting 23% revenue growth - our fastest user and revenue growth since 2021," Pinterest Chief Executive Bill Ready said in a statement announcing the results.
"Thanks to our investments in AI and shoppability, we're driving even greater returns for advertisers and gaining access to performance budgets," Ready said.
Shares of Pinterest have dipped 10% this year through Tuesday. The broader S&P 500 index SPX has increased 5.6%.
-Jon Swartz
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04-30-24 2009ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
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