Plus   Neg

Stock Alert: Pinterest Climbs 28% After Q2 Results

Shares of Pinterest, Inc. (PINS), a social media web and mobile application company, are rising 28 percent or $7.16 in Friday's morning trade at $32.35 after the company reported strong user growth and its revenue for the second quarter beat analysts' estimates.

Pinterest's global monthly active users or MAUs in the second quarter grew 39 percent year over year to 416 million.

Pinterest's net loss for the second quarter narrowed to $100.75 million or $0.17 per share from $1.16 billion or $2.62 per share in the year-ago period, while analysts polled by Thomson Reuters had a consensus estimate of loss of $0.13 per share.

Revenue grew 4 percent to $272.49 million from $261.25 million in the prior-year quarter. The Street expected revenues of $251.24 million.

The company said that due to uncertainties related to the COVID-19 pandemic, it is not providing outlook for fiscal 2020 revenue or adjusted EBITDA.

Pinterest has traded in a range of $10.10 to $36.83 in the past 52 weeks.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Department of Agriculture's Food Safety and Inspection Service announced a Cooperative Interstate Shipment or CIS agreement with the State of Vermont. As per the deal, Vermont is allowed to operate a CIS program, with which certain state-inspected meat and poultry processors can ship their products across state lines, and expand their business opportunities. Moderna said Tuesday that it has reached an agreement with the U.S. to initially supply 100 million doses of its experimental vaccine for COVID-19, mRNA-1273. The U.S. government has awarded up to $1.525 billion for the vaccine. Las Vegas, Nevada-based Mr. Wok Foods has recalled about 200,000 pounds of meat and poultry products for misbranding and undeclared allergens, the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS said. The recalled products may contain known allergens such as milk, wheat, soy, peanuts, or oysters. They may also contain MSG, sesame products, or sulfites.
Follow RTT