Pinterest spikes 17% as monthly active users top 300 million for the first time
- Shares of Pinterest soared 17% in early trading on Friday after the social network reported second-quarter earnings that pleased Wall Street.
- Pinterest reported that monthly active users, one of the most important metrics for analysts and investors, surpassed 300 million for the first time.
- The company also posted $261 million in revenue, a 62% increase from the same period last year.
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Shares of Pinterest, one of 201 9's billion-dollar IPOs, ballooned 17% in early trading on Friday following the company's strong second-quarter earnings results.
Here are the key numbers:
- Revenue: $261.3 million, versus the $235 million expected by analysts
- Adjusted loss per share: -$0.06, versus the -$0.08 expected by analysts
- Full-year 2019 revenue outlook: Increased to $1.095 billion to $1.115 billion, from a range of $1.055 billion to $1.080 billion
The social network also reported monthly active users, a metric Wall Street pays close attention to, grew 30% from last year and has topped 300 million for the first time.
"We constantly aim to make Pinterest more personal, relevant and useful to our users," Chief Executive Office Ben Silbermann said in an earnings release. "We also continued to grow and diversify our advertiser base and improve advertisers' ability to measure the effectiveness of their ad spend."
Revenue jumped 62% from last year to $261 million, beating analyst forecasts of $235 million, as advertisers continue to flock to the platform.
Pinterest also suprised Wall Street with shrinking losses during the quarter. The company reported a loss of $0.06 a share, compared to the $0.08 predicted by analysts.
Pinterest is up 34% since its public market debut in April.
