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Home / Business / Pinterest shares are up 25% after higher forecasts, a strong blow on user growth

Pinterest shares are up 25% after higher forecasts, a strong blow on user growth



The shares of Pinterest Inc. PINS,
+ 0.96%
they increased 25% in pre-market trading, after the photo platform easily exceeded expectations and gave an optimistic forecast for the third quarter. The company posted a net loss of $ 100.7 million, or 17 cents a share, compared to a loss of $ 1.16 billion, or $ 2.62 a share, during the previous quarter . Tightly, Pinterest lost 7 cents a share, compared to 6 cents a share in the previous period. The FactSet consensus meant a tight loss of 1

4 percent of the stock. Revenue amounted to $ 272.49 million of $ 261.25 million, while analysts surveyed by FactSet expected $ 250 million. The company said it expects July revenue to be around 50% by July 29, up from a year earlier, and that third-quarter overall revenue could rise to half of 30%. “We were encouraged by the performance of our business in July, but a huge amount of uncertainty remains given the COVID-19 pandemic and other ongoing factors,” Pinterest said in its statement. The company saw monthly active users in the June quarter rose to 416 million, from 367 million in the March quarter. That number far exceeded the consensus of FactSet, which was looking for 379 million monthly active users for the June period. The company had 96 million monthly active users in the U.S. and 321 million internationally. Average global revenue per user fell to 70 cents from 88 cents during the quarter, but exceeded estimates by 67 cents. Pinterest shares have gained 22% in the last three months as the S&P 500 SPX,
-0.37%
has increased by 11%.


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